Here Are 10 Countries Hoarding Enormous Piles Of Gold
REUTERS/Michaela Rehle
In May 2014, the European Central Bank and other European central banks signed the fourth Central Bank Gold Agreement (CBGA). The agreement states that the central banks "currently do not have plans to sell significant amounts of gold", and it will last for 5 years starting in the end of September 2014.
Country-wise, Russia saw a major increase in official reserves since February 2014, moving its place up two spots in the ranking.
Global official gold holdings totaled 31,812.0 tonnes as of August 2014, according to the latest report from the World Gold Council.
Business Insider identified the ten countries with the largest gold reserves.
Note: CBGA refers to the Central Bank Gold Agreements. The first Agreement (CBGA 1) ran from September 27, 1999 to September 26, 2004. The second Agreement (CBGA 2) ran from September 27, 2004 to September 26, 2009. The third Agreement (CBGA 3) will run for five years from September 2009.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Audi to hike vehicle prices by up to 2% from June
- Kotak Mahindra Bank shares tank 13%; mcap erodes by ₹37,721 crore post RBI action
- Rupee falls 6 paise to 83.39 against US dollar in early trade
- Markets decline in early trade; Kotak Mahindra Bank tanks over 12%
- An Ambani disruption in OTT: At just ₹1 per day, you can now enjoy ad-free content on JioCinema