The World's Biggest Gold Reserves
With the price of gold reaching an all-time high of over $1,050 per ounce,
resourceINTELLIGENCE TV have taken the (not very novel) approach of looking at countries with the largest gold reserves
As of June 2009, world gold holdings are are believed to be approximately 29,634 tonnes. But the numbers vary greatly as a percentage of each country’s reserves. For example, the US holds 8,133.5 tonnes of gold which represents 77.4% of its total reserves. Compare that with China, which has just 1,054 tonnes for 1.9% of reserves – and much of the rest is made up by its more than $2 trillion USD in foreign reserves. With the greenback becoming devalued and gold appreciating in value, we are now seeing China and others divesting of USD and acquiring larger reserves of gold, thus pushing the price to new heights.
The question remains: which individual countries have the most gold?
15. Venezuela
Gold reserves: 356.4 tonnes
Percentage of Reserves: 36.1%
Gold Reserve Value: $13.2 billion
Banco Central de Venezuela manages the 356.4 tonnes of gold in the country’s reserves, which amount to approximately $13.2 billion and represent 36.1% of Venezuela’s foreign reserves. Although Venezuela currently has the fifteenth largest reserve on the list, president Hugo Chavez announced in June 2009 that his government has introduced new policies to promote gold extraction and boost its ranking. His track record for efficiency, however, only excels in nationalizing projects.
Gold reserves: 357.7 tonnes
Percentage of Reserves: 4.0%
Gold Reserve Value: $13.2 billion
The second most populous nation in the world has the fourteenth largest reserves on the World Gold Council’s. The Reserve Bank of India maintains the country’s 357.7 tonnes of gold, which are valued at $14.2 billion and comprise 4.0% of its foreign reserves. India’s current ranking may improve, however, as the government has asked the Geological Survey of India to mine the previously untapped gold reserves in many of its states.
Gold reserves: 382.5 tonnes
Percentage of Reserves: 90.9%
Gold Reserve Value: $14.2 billion
The birthplace of the sweet fortified wine known as Porto is home to the thirteenth largest gold reserve in the world. At 382.5 tonnes , Portugal’s holdings are overseen by Banco de Portugal and are worth roughly $14.2 billion, accounting for 90.9 percent of the country’s foreign reserves.
Gold reserves: 423.6 tonnes
Percentage of Reserves: 3.9%
Gold Reserve Value: $15.7 billion
Renowned for its technology industry and robust economic growth, Taiwan also boasts the tallest building in the world (The Taipei 101 Tower) and the twelfth largest gold reserve in the world. The island nation’s foreign reserves have been reported at 423.6 tonnes. At today’s prices these holdings are worth $15.7 billion and comprise 3.9 percent of the country’s foreign reserves.
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