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10 Countries Sitting On Ginormous Mounds Of Gold

Mamta BadkarFeb 22, 2014, 17:18 IST

AP Photo

Central banks made 368.6 tonnes in net gold purchase in 2013, according to The World Gold Council.

Russia, Kazakhstan, Azerbaijan, and Korea, all saw significant increases in official reserves last year. Meanwhile, no gold sales were made in the final year of the current Central Bank Gold Agreement (CBGA), other than a sale that was part of Germany's coin minting program.

Global official gold holdings totaled 31,890.7 tonnes as of February 2014, according to the latest report from the World Gold Council.

We 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.