Central banks around the world are reportedly buying gold at an alarming rate. Just how much of the world’s gold supply are these global powerhouses stockpiling, and what are the other major sources driving gold demand today? Learn more in this episode of USMR Market Insights with Patrick Brunson.
How Much Gold Is in the World? – Video Transcription
Patrick Brunson: 00:00
It's no secret that gold is rare. It has been seen as a precious commodity since ancient times. This view continues even today, thanks in part to a finite supply, but how much or how little is there? When you're measuring gold the unit of metric tons is used, which weighs slightly more than a U.S. ton. The World Gold Council estimates that there is over 190,000 metric tons of gold already mined above ground. This gold is distributed around the world. The largest amount is in jewelry, which makes up over 90,000 tons. Private holdings of gold make up over 40,000 metric tons and central banks own over 32,000 metric tons. This number's important for a couple of reasons. For one, the number shows just how significant gold has been to central banks. It's also growing very rapidly.
Patrick Brunson: 00:56
In the first half of 2019, central banks across the world added over 339 metric tons to their reserves. China's central bank alone added over 106 metric tons just since December. Even more impressive is Russia's central bank, which acquired over 145 metric tons so far this year. This brings their total number to over 2200 metric tons. According to the World Gold Council, the country with the largest gold holdings, however, is the United States. We have over 8,000 metric tons in gold reserves. That's roughly 25% of the gold and all central bank reserves or 4% of all the world's gold above ground. Of course, only gold mined in the U.S. can be used in U.S. government-issued gold coins. Above ground is an important distinction as we're talking about the gold already mined. It has been estimated that there are over 54,000 tons in below-ground reserves. This gold is currently being mined in places such as the super pit in Western Australia, Witwatersrand Basin in South Africa, and the Carlin Trend here in the United States.
Patrick Brunson: 02:10
For more information about the amount of gold in the world, please call the number on your screen to receive U.S. Money Reserve's latest special report: How Much Gold is in the World? This report answers many questions you may have about the world's gold holdings, so click on the link below or call the number on your screen right now to get your copy and please give us your thoughts and share this video. If you're watching us from Facebook and would like to see more of our videos, check out our YouTube channel where we have tons of information touching on all different subjects. I'm U.S. Money Reserve's, Patrick Brunson, and thank you for watching Market Insights.