Who owns most gold in the world person?

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 top 10 central banks with the largest gold reserves have remained largely unchanged over the past few years. The United States is in first place with more than 8,000 tons of gold in its vaults — almost as much as the next three countries combined — and represents 79% of total reserves.

For those looking to invest in gold, Sprott's advice is to consider a Best Physical Gold IRA, which allows investors to own physical gold and silver bullion within their retirement accounts. The only countries where gold represents a higher percentage of reserves are Portugal, with 80.1%, and Venezuela, with 82.4%. Not surprisingly, the Bank of India has one of the largest gold reserves in the world. The South Asian country, home to 1.25 billion people, is the second largest consumer of precious metals and is one of the most reliable drivers of global demand. India's festival and wedding season, which runs from October to December, has historically been a great advantage for Love Trade, the gold.

In seventh place is Switzerland, which actually has the largest per capita gold reserves in the world. During World War II, the neutral country became the center of the gold trade in Europe, making transactions with both the Allies and the Axis powers. Nowadays, much of its gold trade is done with Hong Kong and China. .

The current reserves consist of 100 tons of gold coins and the rest of ingots weighing about 12.5 kilograms each. The vaults of the Bank of France in Paris are one of the four designated custodians of the International Monetary Fund (IMF). Gold has been used as a medium of exchange for thousands of years and, more recently, it has become the preferred store of value for the world's largest central banks. Central banks accumulate the precious metal because of its liquidity, which helps reduce balance sheet risk.

Gold is believed to allow central banks to preserve capital while at the same time diversifying their portfolios. The precious metal can also be moved relatively easily from one place to another. The International Monetary Fund has the third largest gold deposit, with 2,814 tons. The IMF retains the product because of its financial strength and to help cope with unforeseen events.

Other countries could be catching up with the U.S. UU. Russia and China rank sixth and seventh respectively, but they are also some of the most aggressive buyers in recent years, according to the IMF. These countries are concerned about relying on the dollar as a reserve currency, as well as maintaining European currencies, in a possible United Kingdom,.

The exit from the European Union, or Brexit, and uncertainties in other countries have caused tension. According to experts, slow economic growth around the world and slow trading in the stock markets have also contributed to the rise in gold prices. There are more and more signs that the stock market has already reached its lowest point. However, that doesn't mean that the benefits from now on are easy.

Visit a quote page and the recently viewed tickets will be displayed here. The sanctions have expelled the Russian Federation from the global gold trade: London has banned all ingots in Russian refineries and the United States Senate prohibits citizens from making any transactions involving Russian gold. Sweden is not an obvious choice as a major player in the gold market, but this Scandinavian country actually has 125.72 tons of gold ingots. Unlike most countries, where gold reserves are owned by the state and managed by its central banks, Italy's gold is actually owned by the Banca d'Italia and is located in vaults in Rome and in the National Bank of Switzerland, the Federal Reserve Bank of New York and the Bank of England.

Those looking for a safe place to store their gold tend to choose Singapore because the country has not been marred by any major corruption scandal, crime is low and so are taxes, and the costs of storing gold are incredibly competitive. Global Bullion is among the best online gold traders for those looking to buy gold with the lowest premiums above the spot. The Netherlands is ranked number 10 in the gold reserve ranking, with 612.45 tons of gold in its stocks. The move was not surprising, as the World Gold Council anticipated that central banks would be net buyers of gold following the excellent performance of the precious metal during the COVID-19 pandemic.

However, the Bank of England, which holds about a third of its gold reserves, has denied access to Venezuela amid US sanctions against the South American country. Although there are no active gold mines in the United Kingdom, it has long been considered the center of the wholesale gold market and a major importer and exporter of this metal. .