The World Gold Council published its latest report on the demand of gold and the quantities held by the 40 largest countries and institutions’ gold reserves. “Top-line demand was broadly neutral – down just 11t (1%) despite substantial underlying differences across geographies and sectors,” noted the report. “Pockets of strength in jewelry were balanced by weaknesses elsewhere,” it added, since it appears that demand responded to conditions in each local market. The highest volumes were recorded in India, the United States and smaller countries of Southeast Asia. Meanwhile, gold continues to grow strongly, recording the highest price for the last three months. Greece was ranked 32nd on the list of 40 countries with the largest gold reserves, leaving behind the Bank for International Settlements (BIS), Australia and Kuwait. It is estimated that the country has 112.5 tons of gold in its reserves. Furthermore, the United States topped the list with 8133.5 tons in their possession, followed by Germany with 3,383 tons. The IMF ranked third with a total of 2,814 tons of gold in its reserves. The World Gold Council is the market development organization for the gold industry. Working within the investment, jewelry and technology sectors, as well as engaging in government affairs, its purpose is to provide industry leadership, while stimulating and sustaining demand for gold.
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