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10 Countries With The Largest Gold Reserves
Michael Sanibel, On Wednesday 7 September 2011, 1:07 SGT
The chemical element Au with atomic number 79 " has never been
worth zero." King Tutankhamen and the Incas had at least one thing in
common - they understood the value and scarcity of gold and used it as a
symbol of wealth and power. Nothing has changed since.
Even though gold is no longer used to back currencies like the
dollar, it is still stockpiled by countries around the world. Since the
price of gold has fluctuated dramatically, the holdings are expressed in
metric tons (or tonne = 1000 kg) as documented by the World Gold
Council in August 2011. One U.S. ton is approximately 0.9 tonnes. Here's
a look at the countries holding the largest gold reserves and the
amount of holdings.
United States - 8,133.5
While
the U.S. permanently abandoned the gold standard in 1971, it has the
largest holdings of any country by a wide margin. While most of the gold
is held at Fort Knox in Kentucky, gold is also held by the U.S. Mints
in Philadelphia and Denver and several other locations.
Germany - 3,401.0
Germany's central bank, the
Deutsche Bundesbank in Frankfurt, is the manager of the country's
reserves. However, reports have surfaced that the bulk of Germany's gold
is in the physical custody of the New York Federal Reserve. Two years
ago, international journalist, Max Keiser received an acknowledgment of
these holdings in the U.S. directly from the Bundesbank.
International Monetary Fund (IMF) - 2,846.7
The
IMF overseas the economic activity of its 187 member countries around
the globe. While its gold policies have changed over time, the reserves
are intended to aid national economies and stabilize international
markets. Depending on market conditions, it will buy or sell portions of
its reserves in support of specific economic initiatives.
Italy - 2,451.8
Italy's reserves are held and
managed by the Banca D'Italia. Italy is one of the PIIGS nations (along
with Portugal, Ireland, Greece and Spain), all of which are suffering
financial woes that threaten the entire eurozone. Parliament approved
austerity measures in exchange for financial assistance, but the country
is also embroiled in a political crisis that centers on Prime Minister
Silvio Berlusconi. In addition to being charged with paying for sex with
a minor, his government is under investigation for influence peddling
and corruption.
France - 2,435.4
The Banque de France is the central depository for France's gold reserves.
After World War II, the Bretton Woods Agreement established a
standard that pegged the dollar at the gold exchange rate of $35 (USD)
per ounce. Subsequently, President Charles de Gaulle reduced French
dollar reserves by exchanging them for gold from Fort Knox. As a result
of this action and other economic considerations, President Richard
Nixon ended the convertibility of dollars to gold in 1971.
China - 1,054.1
While the world's most populous
country is sixth on the list of total holdings, gold accounts for only
1.6% of China's foreign reserves. It is the largest foreign holder of
U.S. Treasuries with a total investment of $1.166 trillion as of June
30, 2011.
China is the world's largest producer of gold and can buy gold from
its own mines without reporting those transactions publicly. It has
reasons to buy gold off the open market since open market transactions
would push the price even higher and devalue its U.S. Treasury holdings.
The Wall Street Journal has reported that China dramatically
increased its gold purchases in response to inflation fears. Because of
possible stealth transactions, China's total gold holdings and the
prices it pays are uncertain.
Switzerland - 1,040.1
Switzerland's seventh place
rank on this list is notable considering its economy is the 38th
largest and its population is the 95th largest in the world.
The Swiss National Bank is charged with managing the gold reserves and the country's monetary policy.
Russia - 775.2
Russia's gold reserves are in the
custody of the Central Bank of the Russian Federation. The country has
been on a buying spree, increasing its holdings by 21% in 2009 as it
opened several new mines, and another 24% in 2010. The Wall Street Journal has reported that Russia plans to buy an additional 90 tonnes per year to replenish its reserves.
Japan - 765.2
Gold accounts for only 3.3% of Japan's total foreign reserves which are managed by the Bank of Japan.
Netherlands - 615.5
The gold reserves and national finances are managed by the Netherland Bank.
The Bottom line
The biggest holders of gold are
governments, central banks and international entities that currently
account for 30,500 of the world's estimated 160,000 tonnes. The current
rate of new production from mining is about 2,497 tonnes per year. As
the price has risen, more mines have become economically feasible to
open or reopen.
Gold has gotten much attention lately as the price has risen to new
highs, although it is still well below the January 1980
inflation-adjusted high of about $2,400 per ounce. Unlike money, you
can't print more gold, so it's likely to continue to be a safe haven
investment during uncertain economic times.
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Just me and Andy Lim having faith in this counter..good luck to us :)
Tuesday, 23 August 2011 07:30
Andy Lim
RIGHT AFTER Viking Offshore & Marine announced its 2Q results,
its chairman, Andy Lim, started a share buying spree on Aug 10.
From nothing in his own name, he now owns 9,335,000 shares. His latest
announced purchase happened on Aug 19 involving 460,000 shares.
In total, he is estimated to have spent over $900,000.
He has a deemed interest in 144.1 m shares, or a 23.93% stake.
For 1H, Viking Offshore posted revenue of $48.6m, or a 37% year-on-year growth. Its after tax profit rose 7% to $5.1 m.
Earnings per share came up to 0.9 cents.
Promoter
Hydraulics, a subsidiary of Viking, is the largest supplier of
hydraulic winches and power packs in South East Asia. Photo: Viking
website
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Today gold has hit
another all-time record high. After topping out overnight at
$1,880/ounce, gold closed at $1,860. Gold has gone parabolic as
investors world-wide seek a safe haven for their money. There is a real
risk that gold will correct hard over the next few weeks so I would not
be a buyer now. This week I fielded numerous calls from clients and
radio listeners asking me if they should buy gold (where were they three
years ago when I was pounding the table to buy?) a sign of a
speculative, short-term top. If bad news comes out of Europe next week
and the stock market continues to crash (the stock market is very
oversold and due for a relief rally) gold will continue to run higher.
If the markets calm down a nasty 10-15% correction is probable. Silver
is also having some fun, trading over $42/ounce but still almost $8 from
it’s high in late April. Silver I would consider buying here, $50 bucks
is likely in the weeks ahead. I have called precious metals “financial
life insurance” and they sure are acting like it.
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MEGA VEGA BEGA oversold..
agree with u..
i love it when fear rules the market..i capitalize on fear
alexchia01 ( Date: 22-Aug-2011 16:18) Posted:
Hope you guys see what I see.
Technical rebound is in the making.
There is a high chance that STI would go Up tomorrow.
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In boom time, the experts will say the boom will never end..this time it's different..n then what happens markets crash...
In doom time, the experts say it's a recession,depression,will take a long time to recover.. n then what happens the markets rally to the moon..
So ask urself what are these experts saying now?.. probably the opposite of what they say will happen..
gd luck!!
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Vote of confidence from Andy Lim..Chairman of Viking..
has been buyin on the open market recently..
approx 6.77 mil shares accumulated..
focus on the big picture n u know that this business is a profitable biz..
a drop in price is an opportunity to accumulate more in a good biz..
e.g if BMW price drops..does it mean BMW is a lousy car? everything is the same, but only thing the price changes..
gd luck!
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Time to take some profit off gold when it is reaching new highs..PRECIOUS METALS: Gold Prices Ease After Wild Week
--Comex Dec gold down $9.40, or 0.5%, at $1,742.10/troy oz
--Gold slips in quiet trade ahead of the weekend
--Investors cash in recent gains after CME margin hike
By Tatyana Shumsky
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Gold oscillated near unchanged Friday as traders balanced their positions after a volatile week.
The most actively traded contract, for December delivery, was recently
down $9.40, or 0.5%, at $1,742.10 a troy ounce on the Comex division of
the New York Mercantile Exchange. The contract had set a string of
records throughout this week, rising above $1,800 for the first time and
gaining 6% since last week.
Thinly traded August-delivery gold was down $8.80, or 0.5%, at $1,740.00 a troy ounce.
Gold prices wobbled around the unchanged line in quiet trade ahead of
the weekend. After a volatile week marked by frequent 400 point
gyrations in the Dow Jones Industrial Average and 3% upswings in gold
many traders were relieved to see a calmer day emerge.
" The market is quietening down a little bit and dramatic price action
will be more likely on the down- then on the up-side," said Sterling
Smith, analyst with Country Hedging, adding that a decline to $1,650 was
likely in coming days.
Gold prices have struggled to make fresh gains in the wake of higher
trading collateral requirements, known as margins, announced Wednesday.
CME Group Inc., which owns Nymex, increased the amount of deposit
required to trade its benchmark 100-troy-ounce contract by 22%, in rules
that came into effect after the market closed Thursday.
The rule change gave pause to gold's record-breaking rally and some
investors took the chance to cash in recent gains in both futures and
physical gold-backed exchange-traded funds. The world's largest gold
ETF, SPDR Gold Trust (GLD), saw gold holdings decline 3% to 1,272.89
metric tons from this week's high of 1,309.92 metric tons, and well
below the record 1,320.44 metric tons set June last year.
" Some ETF investors clearly view the recent gold's sharp price rally
as exaggerated and have taken profits, as financial markets calm. Even
so, the persisting uncertainty among market players should prevent a
stronger fall in gold prices in our view," said analysts at Commerzbank.
A weaker dollar kept also supported gold prices. The greenback slipped
against a trade weighted basket of currencies, with the ICE Dollar
Index falling to 74.433 recently, from 74.63 late Thursday in New York.
Dollar-denominated gold futures appear cheaper to buyers using foreign currencies when the dollar weakens.
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Be greedy when others are fearful...
enough said...
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The best stocks to own with the greatest earning potential are those that are out of coverage, fallen out of investors interests, but have businesses which are profitable.
Read Peter Lynch, Warren Buffet, these are their guiding principles..
Fear and Greed rules the markets, you just have to capitalize on it when u see the opportunity.
Been there done that, just waiting for the big bull to come for stocks, it will come, history always repeats itself.
Gd luck!
P/s i'm accumulating more viking as the price deteriorates...i'm not related to anyone or have connection with anyone from Viking.
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clearly ur emotions have gotten the better of you and clouded your rational thinking..
to each his own...
investing was never a bed of roses...
gd luck~~
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More good news!!
August 5, 2011, 5.27 pm (Singapore time)
Mencast's unit secures contract from Shell
By
TEO SI JIA
Mencast
Holdings Ltd announced on Friday that its wholly owned subsidiary
Unidive Marine Services Pte Ltd has secured a contract from Shell
Eastern Petroleum for the provision of underwater inspection, repair and
maintenance services.
The one-year contract took effect from Aug 1 and will last until
July 31 next year, with a renewal option for a further four years.
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 Remember the Golden Rule: He who has the gold makes the rules! - The smart money has been accumulating physical gold for some time
now. The sheeple are still pretty much asleep. By the time they wake up,
the stampede will have started and the sheeple will once again be
caught buying at exorbitant prices near the top! Gold is going to at
least US$10,000/oz ! Silver US$300/oz ! The flight from fiat currencies
to hard asset gold has started. Worldwide currency debasement is the
order of the day!
-
Emerging world buys $10 bln in gold as West wobbles
By Amanda Cooper, Reuters
* Thailand adds nearly 19 T to reserves in June -IMF
* Russia buys, Kazakhstan makes third buy of 2011
LONDON, Aug 3 (Reuters) – Central banks of
emerging market countries such as Korea and Thailand have added more
than $10 billion of gold to their reserves this year in a sign of waning
faith in the West’s benchmark bonds and currencies like the dollar and
the euro.
-
International Monetary Fund data for June
on Wednesday showed Thailand bought gold for the second time this year,
raising its reserves by nearly 19 tonnes to over 127 tonnes, while
Russia bought another 5.85 tonnes, bringing its reserves to 836.7
tonnes, the world’s eighth largest official stash of the metal.
-
So far in 2011, emerging market central
banks have bought nearly 180 tonnes of gold, more than double the
roughly 73 tonnes purchased by central banks globally in the whole of
2010.
-
The spot price of gold has risen by more
than 17 percent this year to a record $1,672.65 an ounce, driven chiefly
by investor concerns over the impact on the developed world’s economy
of its debt burdens and sluggish growth.
-
Mexico has been the largest buyer of gold
in the year to date, with $5.3 billion worth of purchases, or 98 tonnes
of gold, followed by Russia, which has bought 48 tonnes, worth $2.6
billion at current prices. Earlier this week, Korea confirmed it had
bought 25 tonnes of gold in June and July.
-
“Central banks evidently do not regard the
price level as too high and are diversifying their currency reserves.
This was the first purchase of gold for the Korean central bank in over
ten years,” said Commerzbank metals analyst Daniel Briesemann.
-
Central Banks Join Rush to Gold
by Liam Pleven, Se Young Lee and In-Soo Nam, http://wsj.com/
Central banks are ramping up their gold buying as they seek to
diversify their reserves away from the dollar and other beleaguered
currencies. South Korea became the latest government to disclose a big
bullion purchase, saying Tuesday that it recently bought 25 metric tons –
more than doubling its holdings to 39 metric tons. Mexico, Russia and
Thailand have also been major buyers in 2011.
-
This year, governments have almost tripled
their net gold purchases, increasing their holdings by 203.5 metric tons
this year, up from a 76-metric ton rise last year, according to the
World Gold Council, an industry group backed by miners.
-
The demand marks a major shift in central
banks’ thinking about gold. Increasingly, they see bullion as protection
against risks posed by declining paper currencies and global economic
upheaval, and their vast resources and conservative bent make them a
powerful force in the gold market.
-
While gold is an asset that does not
generate income, that shortcoming is less glaring among historically low
interest rates. Before 2010, governments had on balance been shedding
their bullion for two decades, during which gold was seen by some as a
relic. According to data from GFMS Ltd., a metals consultancy, 1988 was
the last year that official holdings increased.
-
“We definitely have seen a sea change” in
central bank attitudes toward gold, said David Greely, chief commodities
strategist at Goldman Sachs Group. Central bank buying provides
“longer-term support for gold prices,” he said.
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i'm buying companies with good stable earnings that have been whacked down due to market sentiment..
business fundamentals hasn't changed..only the fear levels of market players..
gd luck!
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great news!!
Mencast Holdings Ltd announced that its wholly-owned subsidiary, Unidive Marine Services Pte Ltd, has secured a term contract from Keppel FELS Limited in relation to, inter alia, the fabrication, installation and completion works and services for jack-up derricks. The Contract is for a two-year period from June 2011 and is estimated to be worth S$5.18 million. Works for the first jack-up derrick is expected to commence on 16 August 2011. (close: S$0.62, -1.6%)
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the scenario is like this today..
speculator : " Hullo...who is this calling?"
Person on other line : " margin CALL!!"
time to pick up quality shares with gd earnings and cash rich and low valuations..gd luck!!
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On Tuesday the price of gold soared to a new all-time record of $1,657 an ounce as investors worldwide sought protection from volatile stock, bond and currency markets. Contrary to many market watchers who thought there would be a relief rally in equities after a debt-cieling agreement, stocks tumbled 266 points on Tuesday. The economy is clearly contracting at an alarming rate and another financial crisis may be right around the corner. Technically, the U.S. stock market has broken key support levels and looks very dangerous at this time.
The U.S. government has become an embarrassment and is totally dysfunctional. The much celebrated debt ceiling agreement is a farce and does nothing to reign in meaningful spending. Although the government now can borrow $600 billion immediately, spending cuts won’t happen until 2013 at the earliest. The typical Washington game of “kicking the can”. There is no doubt in my mind that we have entered an uncertain and dangerous time. The Federal Reserve will have no choice but to continue Quantitative Easing (money printing), who else is going to buy the next $2.4 trillion in U.S. debt? It’s not going to be the Chinese based on recent anti-American statements by Chinese economic officials. Gold and silver are a must in any financial portfolio given the precarious times in which we are now living.-Lou
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Gd luck on ur investment path..
patience has run out unfortunately..
i still remain vested ..
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Gold hits record on global growth worries, Europe debt
By Rujun Shen
SINGAPORE |
Wed Aug 3, 2011 12:40am EDT
(Reuters) - Gold hit a record high on Wednesday as investors made a
beeline for bullion to shelter from the impact on financial markets of the deteriorating outlook for the global economy and Europe's worsening debt crisis.
Spot gold rose to an all-time
high of $1,661.14 in early Asian hours, hitting its ninth record in 16
trading sessions and up nearly 17 percent so far this year. It was
trading at $1,657.88 by 0424 GMT, little changed from the previous
close.
U.S. gold gained nearly 1 percent to $1,660.6. It rose to a high of $1,664.2, just 30 cents off the record set on Tuesday.
Gold priced in sterling and euro also reached historical highs.
U.S. politicians completed a last-gasp deal
to avoid a default on Tuesday, but there was little relief for markets
as investors focused instead on how tighter fiscal policy could
constrict growth of the world's largest economy.
The
size of the U.S. debt remained a concern for ratings agency Moody's.
Moody's retained its triple-A rating for the United States' but assigned
a negative outlook to it, underscoring the threat of a future downgrade
that would drive up the cost of borrowing and could slow future growth.
" People
are gravely concerned over government credit and the fact that the U.S.
doesn't seem to be offering satisfying measures to assure fiscal
positions and there is the sense that it will ultimately have some kind
of real consequences in the markets," said a Singapore-based trader.
" We are seeing a fairly large scale of capital flight not just out of the dollar, but out of other currencies as well. The precious metals market has emerged as an instrument of default, no pun intended."
Gold
jumped 2.6 percent in the previous session, its biggest gain since
early November just after the U.S. Federal Reserve launched a second
round of government debt purchases, or quantitative easing.
Technical analysis suggested that gold's bull run might extend to $1,679, said Reuters market analyst Wang Tao.
South
Korea's central bank said on Tuesday it spent more than $1 billion in
its first gold purchase in more than a decade, joining the trend among
central banks to diversify their foreign reserves amid global growth
uncertainties.
Holdings in the
SPDR Gold Trust, the world's largest gold-backed exchange-traded fund,
jumped 1.4 percent to 1,281.76 tonnes, highest since end of last year.
" The
momentum in gold in the short term will continue to run strong,
supported by worries about global economic growth, gold purchase by
South Korea's central bank announced yesterday and rising in SPDR Gold
Trust holdings," said Li Ning, an analyst at Shanghai CIFCO Futures.
Li expected gold to test $1,680 in the short term.
The
latest weak data from the United States, following a batch of dour
manufacturing surveys on Monday, added to fears over a deteriorating
global economy. U.S. consumer spending dropped in June for the first time in nearly two years and incomes barely rose.
Concerns about spreading sovereign debt crisis in the euro zone underpinned gold's strength.
" It
seems to me that it hasn't reached the peak, and what the authorities
have tried to do is postponing rather than preventing what the markets
want to do with government credit in euro zone and maybe in the U.S.,"
said the Singapore-based trader.
Italy
found itself dragged deeper into the euro zone debt crisis on Tuesday,
prompting emergency consultations in Rome and among European capitals.
Yields on Italian and Spanish bonds
hit their highest levels in 14 years, with five-year Italian yields
reaching the same level as Spain's in a sign Rome is overtaking Madrid
as a key focus of investors' concern about debt sustainability.
(Additional reporting by Manolo Serapio Jr. in SINGAPORE Editing by Himani Sarkar)
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Ditto!
ozone2002 ( Date: 28-Jul-2011 11:21) Posted:
| BUY!..2G capital gay chee yong is in this...see the annual report SSH list.. |
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a wise men once said..
buy when markets are fearful.....
so i buy ...........when cosco shareholders are fearful
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