Gold has been a precious commodity ever since the ancient Egyptian times. In the United States, gold was discovered in 1848 in California by John Sutter. People choose to buy gold coins, jewelry, bullion bars, and invest in gold mines in order to have a share of this precious metal.
It is interesting to note that four percent of the world owns 12.6 percent of the current gold supply. The holders of the largest amount of gold reserves are investment funds, central banks, and governments. Their share of the world’s total gold supply is worth $652 billion, not a shabby figure by any account.
The United States is the number one holder of world gold reserves, possessing 8,133.5 tons that is worth approximately $269.67 billion. The majority of this supply is reportedly held in the Fort Knox, Kentucky United States Bullion Depository. The amount of gold held by the U.S. equates to 0.9436 ounce for each U.S. resident and it represents 78.3 percent of the country’s share of foreign reserves.
Germany holds 3,412.6 tons of gold, making it the owner of the second largest amount of gold. The supply is held in the Deutsche Bundesbank, the central bank within the country. This gold represents 69.5 percent of Germany’s foreign reserves and is valued at approximately $113.2 billion. The third largest holder, the International Monetary Fund, has 3,217.3 tons of gold to aid national economies and stabilize international markets. Italy and France, respectively, come in as number four and five on the list of the largest gold supply holders.
The largest holders of gold are sitting in a nice position now as the price of gold continues to climb. However, you do not need to be a wealthy country in order to own some of this precious metal. There are inexpensive gold stocks, gold ETF funds, and ownership in gold mines available to even the most frugal investors.