Sprott is a respected Canadian businessman and billionaire who has invested enormous sums of his wealth in gold. Basically, it's the Canadian version of John Paulson. The United States has the largest gold reserve in the world by a significant margin. The government has almost as many reserves as the next three countries with the largest gold reserves combined (Germany, Italy and France).
Russia completes the top five. The International Monetary Fund (IMF) is reported to have more gold reserves than Italy, but less than Germany. Gold has served as a medium of exchange, to varying degrees, for thousands of years. For much of the 17th and 20th centuries, paper money issued by national governments was called gold and acted as a legal claim to physical gold.
International trade was carried out with gold. For this reason, countries needed to maintain gold reserves for both economic and political reasons. No contemporary government requires that all its money be backed by gold. However, governments still house enormous quantities of ingots as a security measure against hyperinflation or another economic calamity.
In fact, every year, governments increase their gold reserves, which are measured in metric tons, in hundreds of tons. For companies, gold represents a basic asset used in medicine, jewelry and electronics. For many investors, both institutional and retail, gold is a hedge against inflation or recession. It continues to safeguard gold that belongs to other countries.
The Federal Reserve Bank of New York is the custodian of gold owned by foreign governments, foreign central banks and official international organizations. Inside a vault at the Federal Reserve Bank of New York. It is known to contain the largest amount of gold in the world. Gold reserves by country.
S%26P Global. The Central Bank of Russia is trying to boost gold exports by paying below the market price. Board of Governors of the Federal Reserve System. Does the Federal Reserve own or hold gold? Offered to house and protect other countries' gold in exchange for dollars, it was reported that between 90 and 95% of the world's gold reserves are in U.S.
vaults. The figure comes from the World Gold Council (WGC), which estimated that India's household gold reserves at the time were 11 percent higher than the 18,000 tons it had previously set. During the gold standard periods of the 19th and early 20th centuries, national governments assumed the obligation to exchange the national currency for a certain amount of gold. The gold listed for each of the countries in the table may not be physically stored in the country listed, since central banks generally do not allow independent audits of their reserves.
India, the world's leading consumer of gold, ranks tenth among the top 10 countries with the most gold in their central banks. In addition, there is enough gold inside the Earth to render the current gold treasure in India, Fort Knox and the IMF worthless. Global Bullion is among the best online gold traders for those looking to buy gold with the lowest premiums above the spot.