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5 Top Nations That Buy Gold

By    |   Wednesday, 17 June 2015 11:18 AM

Countries continue to buy and increase gold reserves for security as the price of the precious metal fluctuates. The buyers of gold are also among the most advanced nations.

Here are five of the top nations that buy gold:

1. China became the world’s top consumer of gold in 2013, according to Laura Clarke and Yue Li in The Wall Street Journal. The nation overtook India as the No. 1 buyer of gold when its demand for gold bars, coins, and jewelry increased by 32 percent.

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China imported 1,066 metric tons of gold in 2013, based on reports from the World Gold Council. The council estimates that China’s demand for gold will continue to rise through 2017.

2. India is the 10th largest economy in the world and the world’s second-largest gold consumer, writes Eric McWhinnie in Wall St. Cheat Sheet. The nation purchased some 200 metric tons of gold from the International Monetary Fund in 2009 for $6.7 billion, the first such sale by the IMF in nearly a decade.

The World Gold Council reported that India imported 975 metric tons in 2013. The country has strict import regulations, and gold is often smuggled into the country, according to the WSJ.

3. Russia has doubled its gold holdings since 2009, according to Louis G. Navellier of Navellier Gold. The nation is purchasing gold to replace the U.S. dollar, the Euro and its own ruble, Navellier reports.

The Russian Central Bank bought 28 tons of gold in the second quarter of 2014, its largest quarterly purchase in four years.

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After Russia reached an agreement with China to supply it with natural gas for the next 30 years, Russian President Vladimir Putin told the St. Petersburg International Economic Forum that Russia and China need to continue depositing gold and currency reserves “in a rational and secure way,” reports Dan Popescu at Goldbroker.

4. Germany held some 3,387 metric tons of gold, representing about 67 percent of its reserves in 2013. That year, Germany’s Bundesbank announced plans to increase its storage of gold in Germany from 31 percent of Germany’s gold reserves to 50 percent with the other half remaining in New York and London, according to the Wall St. Cheat Sheet.

5. The U.S. holds more than 8,000 metric tons of gold, which is about 71 percent of its reserves, McWhinnie reports.

The U.S. dropped from third to fourth in world gold production in 2014, according to USA Gold. China was first in mine production followed by Australia and Russia.

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Countries continue to buy and increase gold reserves for security as the price of the precious metal fluctuates. The buyers of gold are also among the most advanced nations.
gold, top, nations, buy
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2015-18-17
Wednesday, 17 June 2015 11:18 AM
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