The only certain thing in an uncertain international economic crisis is that countries are increasing their gold reserves. Most notably China has been moving away from a weakening U.S dollar in order to defend itself from further falling victim of a deepening crisis. Gold will continue to surge as long as the Federal Reserve keeps interest rates near zero and neglects to support the dollar.

Gold is holding near record highs above $1400 an ounce… Will gold become the new world currency? If that’s the case, whoever has the most reserves will have greatest advantage! Only time will tell…

Here is a list of the top 20 gold holding countries.

Rank                  Country                                Gold(tonnes)

1.                            United States                10,792.6
2.                            Germany                        3,401.8
3.                            Italy                                 2,451.8
4.                            France                            2,435.4
5.                            China                              1,054.1
6.                            Switzerland                    1,040.1
7.                            Russia                              775.2
8.                           Japan                                765.2
9.                            Netherlands                    612.5
10.                         India                                  557.7
11.                         Taiwan                             423.6
12.                          Portugal                           382.5
13.                          Venezuela                        363.9
14.                          Saudi Arabia                   322.9
15.                          United Kingdom             310.3
16.                          Lebanon                            286.8
17.                          Spain                                  281.6
18.                          Austria                               280.0
19.                          Belgium                              227.5
20.                          Philippines                        175.9

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Gold sets a record high at $1200 an ounce as the U.S. dollar declined and Barrick Gold Corporation, the world’s largest gold miner eliminated its gold hedges.

The only certain thing in an uncertain international economic crisis is that countries are increasing their gold reserves. Most notably China has been moving away from a weakening U.S dollar in order to defend itself from further falling victim of a deepening crisis. Gold will continue to surge as long as the Federal Reserve keeps interest rates near zero and neglects to support the dollar.

Will gold become the new world currency? If that’s the case, whoever has the most reserves will have greatest advantage! Only time will tell…
WORLD OFFICIAL GOLD HOLDINGS (June 2009*)

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Reference http://www.usgold.com/world-gold-holdings

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