Skip to comments.10 Countries Hoarding Enormous Stockpiles Of Gold
Posted on 01/16/2013 6:51:59 AM PST by blam
10 Countries Hoarding Enormous Stockpiles Of Gold
AP Photo/Newmont Mining
Germany is reportedly repatriating gold it has stashed with the New York Fed and the Bank of France, and some policymakers want to bring back all their gold in case the financial crisis worsens.
People continue to debate whether gold is or should be considered money.
However, this hasn't kept the world's central banks from increasing their gold reserves.
The World Gold Council estimates that central banks have purchased 500 tons of gold in 2012, up from 465 tons last year. Analysts attribute some of the support in gold prices to these central bank gold purchases.
Global gold reserves increased to 31,575.1 tons as of January 2013. We highlight the ten countries with the biggest official gold holdings as reported by the World Gold Council . We also included the percent of foreign reserves they possess in gold.
Click here to see the countries
(Excerpt) Read more at businessinsider.com ...
As long as taxing, spending, and printing are the order of the day, holding onto some gold is necessary.
Seems like there is less here then the headline promised.
The US is still #1?
Prove it. LOL.
10 Countries Hoarding Enormous Stockpiles Of
Gold makes up a small percentage (by value) of China’s reserves.
It is a HUGE amount of gold. It is being measured against an IMMENSE number.
The headline implies that central banks have changed their attitudes towards holding gold. I see no evidence of that in the story.
You want "proof of life"?
Here it is.
Wait... Some of those shelves are almost empty.
Dammit! Some of those shelves are EMPTY!
The headline says “10 Countries Hoarding Enormous Stockpiles Of Gold”. That says nothing about changing minds. They’ve had enormous stockpiles of gold for ever.
It is a fact though. Central banks have become net buyers of Gold in the last five years.
I have heard for years no gold in fort knox
Theyve had enormous stockpiles of gold for ever.
For those of us who don’t have the time or inclination to click through to this excellent site:
#1 United States, 8,133.5 tonnes
#2 Germany, 3,391.3 tonnes
#3 Italy, 2,451.8 tonnes
#4 France, 2,435.4 tonnes
#5 China, 1,054.1 tonnes
#6 Switzerland, 1,040.1 tonnes
#7 Russia, 934.9 tonnes
#8 Japan, 765.2 tonnes
#9 Netherlands, 612.5 tonnes
#10 India, 557.7 tonnes
Those are “official” holdings, I’d bet India and China have twice as much in private hands.
In 1997 proposals were announced to sell a portion of the country's gold reserves because they were no longer considered to be "necessary for monetary policy purposes", according to the World Gold Council.
1,300 tonnes were considered to be surplus gold and the country began selling this in May 2000. 1,170 tonnes were sold under CBGA1, and 130 tones were sold under CBGA2. Switzerland has announced no plans to sell gold under CBGA 3.
What you’re not seeing is who actually owns that Gold.
Thanks for posting the list for the patience-impaired.
That's me, usually...