Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

10 Countries Getting Slammed By The Collapse In Gold

Mamta BadkarApr 15, 2013, 21:00 IST

REUTERS/Claro Cortes IVGold entered bear market territory last week. It is down over 7.0% today, and is trading below $1,400 per ounce today.

Dennis Gartman, publisher of the Gartman Letter wrote that in nearly four decades of trading gold, he had "never... ever... ever... seen anything like what we've witnessed in the past two trading sessions."

This is bad news for central banks that have been diversifying their foreign reserves to include gold.

Global official gold holdings totaled 31,694.8 tonnes as of April 2013, according to the latest report from the World Gold Council.

We pulled the numbers on the 10 biggest official reserves.

Click here to see the 10 countries being slammed by the collapse in gold >

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.