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Fox Business: Who are the Biggest Holders of Gold?

Article in Fox Business Channel

Gold has been used as a medium of exchange for thousands of years, and has more recently become the preferred store of value for the world’s biggest central banks.

Central banks hoard 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 location to another.

The U.S. Federal Reserve is the world’s largest holder of gold, with 8,133.5 tons as of May 2020, accounting for 78.3 percent of its reserves, according to the International Monetary Fund and International Financial Statistics.

Germany was the second-largest gold hoarder at 3,362.2 tons, or 74.3 percent of reserves.

The International Monetary Fund has the third-largest gold stash at 2,814 tons. The IMF holds the commodity for financial soundness and to help meet unforeseen contingencies …

To read this article in Fox Business website in full and view the relating chart, click here.

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Although the information in this commentary has been obtained from sources believed to be reliable, The Gold IRA Company does not guarantee its accuracy and such information may be incomplete or condensed. The opinions expressed are subject to change without notice. The Gold IRA Company will not be liable for any errors or omissions in this information nor for the availability of this information. All content provided on this blog is for informational purposes only and should not be used to make buy or sell decisions for any type of precious metals.