|
The World Gold Council recently released figures ranking 133 countries in order of the amount of gold holdings they possess.
Not surprisingly the USA maintained its position at the top of the rankings with 8,133.5 tons of gold holdings. It is suggested that the US possess so much gold as a safety net which allows them to use it in times of emergency, such as war. Following the US is Germany with the International Monetary Fund (IMF) ranked third, holding 3,406.6 and 3,005.05 respectively.
India has voraciously been seen to buy gold from the IMF last October moving them up the list to 11th position. Frantic buying was also noticed in Asia, in particular China who over the past year has bought 454 tons of gold. One country which still remains apprehensive about buying gold as a hedge against the fluctuating US dollar is Korea; they prefer to invest in US bonds. A finance Minister Official claimed that the government is "closely watching" other countries before they consider whether to buy more gold due to the fluctuating price swings. Korea has dropped to 57 in the rankings due to its cautious policy. |