Home Business News Only 10 countries control 50% of global gold reserves

Only 10 countries control 50% of global gold reserves

by LLB staff reporter
24th Jun 20 2:03 pm

Data investigated and calculated by Buyshares.co.uk reveals that ten countries control 49.37% of the global gold reserves.  According to the data, the cumulative global gold reserves is 1.85 billion ounces.

The ten countries control 25,891 tons of gold

The ten countries control 913.29 million ounces in gold (or 25,891 tons) with the United State taking the lead with 286.86 million ounces or 15.5% of the total global gold reserves. Germany is second with 188.63 million ounces which represent 6.4% of the global reserve.

The International Monetary Fund is third with 99.24 million ounces, accounting for 5.3% of the global reserve. Italy’s gold reserves of 86.47 million ounces make up 4.7% of the world total reserves. France occupies the fifth spot with 85.91 million ounces in gold reserves or 4.6% of the global tally.

Russia has the sixth-highest gold reserves at 80.89 million ounces or 4.3% of the global cumulative reserves. China accounts for 3.8% at 69.54 million ounces while Switzerland lies in the seventh spot with 36.67 million ounces or 1.9% of the global total gold reserves.

Japan’s 26.96 million ounces places it in the ninth spot to account for 1.5% of the global reserves. India is tenth with 22.11 million ounces accounting for 1.2% of the global gold reserves

Over the years, central banks have continued to accumulate gold reserves as it plays a key role in hedging against inflation.

According to the Buyshares.co.uk research report, “Central governments might continue to stock up gold in their reserves due to the profound uncertainty that emerged as an impact of the coronavirus pandemic. With the stock market witnessing all-time lows, central banks view gold as the perfect option to guard the economy in the event of a similar crisis in the future.

“Our research also calculated the number of ounces held by other precious metals globally as of June 2020. Lithium holds the top spot with 492.37 billion ounces in global reserves. Silver had the second-highest reserves globally at 19.3 billion ounces.

“Gold occupies the third spot at 1.85 billion ounces in reserves followed by Palladium at 1.21 billion ounces while Platinum has the least reserves at 1 billion.”

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