Join Hands to Build a Smarter India: Sign in | Join now
News

10 Countries With Biggest Gold Reserves

By SiliconIndia  |   Friday, 09 March 2012, 02:54 Hrs   |    8 Comments
Print Email


Bangalore: With gold prices hitting high and trading at $1,672.70 at present, here are 10 countries which hold the highest gold reserves in the world, according to the World Gold Council.



According to World Gold Council, gold purchase by central banks of different countries summed up to 77 tonnes in 2010, which rose to 439.7 tonnes in 2011, where Mexico, Russia and South Korea were some of the least buyers. Due to this rise, Global Demand for Gold rose to 4,067.1 tonnes, worth an estimated $205.5 billion. Let’s check out the ascending list of these countries -



10. India



Gold Holdings: 557.7 tonnes



Percent of Foreign Reserves in Gold: 9.2 percent



India’s central bank that is Reserve Bank of India’s gold holding is the least among the major economies. RBI is known to buy International Monetary Fund gold and considers investment in gold as a safe investment. But India is the largest country with a gold demand of 933.4 tonnes, which is a quite significant figure considering fact that fluctuating and increasing gold prices and rupee weakening against U.S. dollar. India’s gold reserves are worth approximately $33 billion.



9. Netherlands



Gold Holdings: 612.5 tonnes



Percent of Foreign Reserves in Gold: 59.8 percent



Netherlands’ central bank, that is, Dutch National Bank (DNB), sold 1,100 tonnes of gold since 1991 but the bank considers gold as the “only reserve and anchor of trust in times of financial crisis”, according to Zero Hedge and thus holds it for diversification purposes. Whereas Nout Wellink, President of the Dutch Central Bank, has previously said that the DNB doesn't intend to sell gold. Netherland’s gold reserves are worth approximately $36 billion.



Experts on SiliconIndia
Sunil  Bhat
Project Management
HCL Infosystems Limi
Haresh  Motirale
Founder Director
Brandniti
Jeya  Padmanaban
President
JP Research, Inc.
Sonal  Rochani
President
Shakti Foundation
Chetan  Nagaonkar
Managing Director
eStomi Technologies
Deepak  Gupta
Business Analyst
Wipro Technologies
Sarvesh  Vaidya
Senior Director - HR
Tangoe
Aarthi  G R
HRM Specialist
PlasmaGen
Sign Up for DailyDose and Read the Day's Highlights
Write your comment now
 
Reader's comments(8)
1: Since politicians of India are very corrupt and shamelessly without conscience or any love for the country. Let us all join handes and curse them for 10 minutes everyday without fail.
They take bribe for public contracts, defence contracts, issue of licences, defence contracts, even priests in temples demand money. They are in fact the filthiest scumbags of society. That is why the naxalites, Moaists and other militant groups are striving.
Even the Lokpal has been watered down to a toothless rubber stamp.
We talk about our culture n religion as the greaest in the world. Do the politicians have any respect for values. They promote casteism, play on religious feelings. Greed is the only curreny for the politicians of India. Not worth a spit.
Posted by:arahat devan - 11 Mar, 2012
2: I think India has most probably the highest reserves in Gold. But, that is in private and personal possesion. What is given in the article is that in official gov't custody!
Posted by:Abraham - 09 Mar, 2012
3:
Yes, you are right. WGC has taken into account Gold brought by RBI only. Those working abroad especially in the Gulf have brought in lot of Gold over the last 4 decades and then there is quite a lot of Gold with families from generations. I have seen some of my friends esp. Marwari families who use only silver tumblers, hammer and pestle, etc. and then quite a few from AP using Gold water containers which are as big as the pot which might be surprising to people but they were just common people until Gold prices took off suddenly from late 70s. Prior to that time the price of Gold was not really great. I don't think WGC has taken into account Gold sold or held by Jwellers across India. If these figures are taken into account then their figure 557.7 tonnes would look really silly indeed. If total Gold in India is into account then surely India's Gold holding would be too big a figure to print as it would exceed the total holding of top 9 Countries to shame. I am sure that every State in India has more than 200-250 tonnes of Gold if not more. If some people laugh at my posting then they should remember that many of the film stars and producers have their toilet appliances made of gold! Leave aside politicians, share brokers and big time farmers.
JB Padhi Replied to: Abraham - 10 Mar, 2012
4:
those r d jewelry on display in India but d mentioned contries govts hold in solid bars of gold
Indian Replied to: Abraham - 10 Mar, 2012
5:
Does it make any difference? If there was any difference then are the Banks, whether they are Private, Nationalized or MNC, fools to offer loan against Gold in whatever form it comes? It is just the purity that matters. There is no denying the fact that traditionally Indians believe in buying Gold as the best form of investment which the MBAs employed by the Banks have realized only a year ago and they are spending lot of money on advert'g the same.
JB Padhi Replied to: Indian - 10 Mar, 2012
6:
I Believe thats true. We Indian only love and responsible for ourself. Patriosm in INDIA means "SELFOISM". DO politics, earn POWER and serve for own family, own life with LOTS of corrupted Money. THats we maximum Indian..
mukul Replied to: Abraham - 10 Mar, 2012
7:
Why are you qustioning the patriotism from people with corrupt politicians, police - whose birth right is bribe and the most corrupt officials of IT dept? Those who pay huge individual tax have no rights whereas those with black money have all the power. In the US, for example, a tax payer can report a small dent on the road to the elected Governor's office and get it repaired right in front of his eyes. Can you get the same thing done in India even if you are an under secretary or principal secretary to the Minister of Surface transport? Next, even if you are the finance secretary, you can't tell me how much Gold each Nationalized Bank is holding. So stop peddling your stupid logic.
JB Padhi Replied to: mukul - 10 Mar, 2012
8: Why is India at the bottom?... can't believe it is not the top 5.
Posted by:Akrut - 09 Mar, 2012
SiliconIndia About Us   |   Contact Us   |   Help   |   Community rules   |   Advertise with us   |   Sitemap   |  
News:       Technology   |   Enterprise   |   Gadgets   |   Startups   |   Finance   |   Business   |   Career   |   Magazine  |   Newsletter   |   News archive  
Cities:        CEO   |     Startup   |   Mobile   |   CIO   |   Women   |   BI   |   HR   |   SME   |   Cloud   |   Marketing   |   QA   |   Java   |   Web Developer  
Community:      Members   |   Blogs   |   Indian Entrepreneurs   |   Gyan   |   Advice   |   Community   |   Find   |   Events   |   CXO Insights  
Job Board:      Jobs   |   Freshers   |   Companies   |   HR Speak   |   Forum  
Online Courses:   Web Developer   |   Java Developer   |   CCNA Training   |   SEO   |   SAS   |   SQL Server 2005   |   J2EE
Education:   MBA   |   MCA   |   Engineering   |   Training Institute
Life:          Real Estate   |   Travel   |   Finance   |   Gadgets   |   Movie Reviews   |    Jokes  
Send your feedback and help us continue to improve SiliconIndia
© 2014 InfoConnect Web Technologies India Pvt Ltd. all rights reserved