Gold reserve

International gold reserves from 1845 to 2012 in tons

National gold stocks are referred to as gold reserves , which are usually the responsibility of a central bank or a finance ministry and serve as a currency reserve.

Purpose of national gold reserves

Gold Storage of the Federal Reserve Bank of New York

In the past, the purpose of national gold reserves was mostly to cover currencies with the gold standard . Today gold is kept as a national reserve for times of crisis and as a risk compensation for fluctuations in the US dollar . In addition, a high gold inventory also means a high degree of independence, since gold can serve as a means of payment at any time.

The vast majority of central banks reduced their gold holdings to offset national debt. The share of the international gold reserves in the total currency reserves has decreased in the last three decades from 60% in 1980 to 10% in 2006 due to sales and less importance for currency hedging. Recently the importance of gold has increased again as the price has risen sharply.

The countries with the largest gold reserves have agreed not to bring gold onto the market without agreements; this should stabilize the gold price . Too high a supply on the market would cause the gold price to drop considerably, and the proceeds would be well below the possible value.

On September 26, 1999, 15 European central banks, including the European Central Bank , signed the Central Bank Gold Agreement (CBGA) in Washington, DC , in which the volume of gold sales for the following five years was regulated. The first CBGA I agreement (1999–2004) allowed the central banks to sell a maximum of 400 tonnes per year, beginning on September 27. As part of CBGA II (2004–2009), the maximum sales volume was increased to 500 tonnes per year. In the gold agreement CBGA III (2009-2014) a maximum sales volume of 400 tons per year was agreed. In the contract, Germany has an option to sell.

Gold reserves and wars

Gold reserves can be important for politics and the military. Wars were hardly possible without a war chest , also known as a war treasure. It could be a war aim to seize the treasury of an attacked country.

In 1865 the Latin Monetary Union was formed . It was a currency union between France , Belgium , Italy , Switzerland and Greece , which in fact existed from December 23, 1865 until 1914 and formally until December 31, 1926. The bimetallism between gold and silver coins stipulated in the Latin Monetary Union was represented as follows: Two silver 5-franc pieces (= 45 grams of fine silver) corresponded to a golden 10-franc piece (= 2.9032 grams of fine gold), i.e. 15, 5: 1. Only the silver 5 franc piece was intended as a Kurant coin alongside the gold coins .

After the Franco-Prussian War of 1870/71, the German Empire demanded and received reparations from France amounting to five billion French francs. Large amounts of gold and silver flowed into the German Empire in the form of coins. These were one of the triggers for the economic boom in the early days . Among other things, they were used to finance infrastructure measures throughout the German Reich, for example post stations in East Prussia , churches and schools in the Palatinate and Alsace . The development of the French economy was slowed down by the raising of war indemnities. The German Empire also grew in population and became the largest economy in Europe.

A small part of FF 120 million was stored as Imperial War Treasury in the Julius Tower of the Spandau Citadel and fell back to France after the end of the First World War .

Shortly after the annexation of Austria in March 1938, the Nazi regime had Austria's gold reserve and foreign exchange reserves , which had reached considerable levels due to the deflationary economic policy of the governments in the 1930s, transported to Germany with little foreign exchange. More than 2.7 billion schillings in gold and foreign exchange came under Nazi control.

In October 1939, shortly after the start of World War II , a memorandum based on intelligence and military investigations was drawn up in the British General Staff . It dealt with "Measures to be taken for Holland and Belgium in the event of a German invasion":

“ HM Treasury , in collaboration with the Bank of England and the State Department, will have to work on ways to move the bullion and important securities to a common safe place. Transporting several hundred tons of bars is a difficult problem and loading it would take a long time. It would be ideal, of course, if the gold were to get into our country or the United States of America. [...] The gold reserves of Belgium and Holland are worth about 70 and 110 million British pounds, respectively. The total weight of these bars is about 1,800 tons, and evacuating them, which would be a matter of paramount concern, would create significant problems if one were to rush to disorganized transportation. At the moment we assume that this gold will be kept in Brussels or La Hague, neither of which would be suitable for a quick evacuation in an emergency. "

The Belgian government took its gold reserve abroad without the knowledge of the king. The destination was England or the USA. However, the transport ship had to change course starting from Italy, and finally the treasure reached Dakar . After Germany's western campaign in 1940, the German Foreign Ministry demanded the surrender of the gold reserve. An adventurous transport of the gold bars through North Africa and the Mediterranean began, until in 1941 French officials handed over 41 tons of this Belgian gold to representatives of the German Reichsbank in Marseille . After a few sham political maneuvers, this gold reserve officially came into German possession on October 9, 1942. The bars were melted down and brought to Switzerland.

During the Weser Exercise operation , the occupation of Denmark and Norway by the Wehrmacht on April 9, 1940, an attack on Oslo by German airborne troops was planned. Due to heavy fog, the action was delayed so that the royal family and the Norwegian gold reserves were able to escape .

After 1945

From 1945 to around 1971 there was the Bretton Woods system . It regulated relatively fixed exchange rates between the currencies of the participating countries, including the USA, Great Britain and Germany. Gold played an important role in the Bretton Woods system.

France

The monetary policy of the French President Charles de Gaulle was, among other things at the suggestion of the French economist Jacques Rueff (1896–1978), strongly oriented towards gold. In February 1965, de Gaulle announced that he would exchange currency reserves in US dollars for gold under the Bretton Woods system. By the summer of 1966, France increased the gold content of its reserves to 86 percent. In contrast to other countries that exchanged dollars for gold during the same period, including Germany, France did not leave the gold in the vaults of the Federal Reserve Bank of New York , but insisted on shipping the gold bars to France so that they do not " abandoned to the grip of a foreign power ”. However, de Gaulle did not achieve his goal of returning to the gold standard.

Germany

→ Main article : German gold reserves

The build-up of German gold reserves after the Second World War began in 1951 and peaked in 1968 with 4,000 tons. As of December 31, 2011, the inventory was 3,396 tons, which corresponds to a market value of 132.9 billion euros . Since August 23, 2017, 49.4% of the meanwhile 3,378 tonnes of German gold reserves, which are available in the form of 12.5 kg bars, are abroad.

Gold reserves in the world

In 1965, the world's gold reserves peaked at 38,347 tons. With the dissolution of the Bretton Woods system in 1971, exchange rates were released and gold lost its function as a cover medium. In 2007 the World Gold Council estimated the global gold reserves at 29,667 tons, 22.6 percent lower than in 1965. Since the beginning of the financial crisis in 2007 , the international gold reserves have increased again. At the end of 2009, the total gold holdings of all central banks comprised around 16% (26,780 tons) of the world's gold. The world's largest holdings of the precious metal have the United States , followed by Germany and the International Monetary Fund (IMF).

On September 19, 2009, the IMF announced that it would part with a total of 403 tons of gold, which is one eighth of its reserves. The sale of gold was recommended in February 2007 by an eight-person advisory committee, which mainly included former and current central bank governors, including Alan Greenspan and Jean-Claude Trichet . 200 tons were sold to the Reserve Bank of India , 10 tons to the Central Bank of Sri Lanka and 2 tons to the Bank of Mauritius . The remaining 191 tons of IMF gold have been sold on the open market.

Portions of the US gold reserves are stored in Fort Knox . Most of the US gold is stored in the basement of the Federal Reserve Bank of New York in Manhattan . There, this bank also operates the world's largest gold warehouse with 550,000 bars for around 60 countries. The gold reserves stored in banks around the world amount to around 30,000 tons. The total amount of gold ever mined was estimated at around 190,040 tonnes (6.7 billion ounces) at the end of 2017. This corresponds to a theoretical market value of currently € 11,100 billion. A price of € 1,658.94 per troy ounce was taken as a basis (gold price as of August 3, 2020).

The largest gold holdings are privately owned. It is estimated that around 20,000 tons of gold are privately owned in India . Globally, 70% of gold is processed by jewelers , 11% is used in industry, especially in electronics and medicine, especially in dentistry , and 13% is used by banks and private investors for monetary purposes in the form of coins and bars.

The share of international gold reserves in total currency reserves has fallen in the last three decades due to sales and less importance for currency hedging from 60% in 1980 to a low of 8.6% in March 2005. Since then the proportion has increased again slightly.

Eurozone gold reserves

At 10,788 tons, the gold reserves of the countries of the European Monetary Union are significantly larger than those of the USA with 8,134 tons (status 2015).

Countries and organizations

The table shows the development of the world's official currency gold reserves from December 1970 to January 2019 in tonnes and the percentage of gold in the total currency reserves . If one were to include the holdings of the SPDR Gold Shares as the largest exchange-traded fund (ETF) with physical gold holdings in this analysis, this would have to be ranked 9th behind Switzerland and ahead of Japan with 824.89 tonnes of gold (as of July 2019). Russia has more than doubled its gold reserves since 2012, overtaking China, although the reserves there have also been expanded very significantly.

Gold reserves in tonnes and gold share of total foreign exchange reserves

Rank (2019)	Surname	1970	1980	1990	2000	2010	2012	2015	2019	Share in% (2019)
1	United States	9,839.2	8,221.2	8,146.2	8,136.9	8,133.5	8,133.5	8,133.5	8,133.5	73.9
2	Germany	3,536.6	2,960.5	2,960.5	3,468.6	3,401.0	3,395.5	3,381.0	3,369.7	69.2
3	IMF	3,855.9	3,217.0	3,217.0	3,217.3	2,814.0	2,814.0	2,814.0	2,814.0	...
4th	Italy	2,565.3	2,073.7	2,073.7	2,451.8	2,451.8	2,451.8	2,451.8	2,451.8	65.5
5	France	3,138.6	2,545.8	2,545.8	3,024.6	2,435.4	2,435.4	2,435.4	2,436.0	59.0
6th	Russia	...	...	...	384.4	788.6	936.7	1,275.0	2,066.2	17.6
7th	People's Republic of China	...	398.1	395.0	395.0	1,054.1	1,054.1	1,658.1	1,842.6	2.3
8th	Switzerland	2,427.0	2,590.3	2,590.3	2,419.4	1,040.1	1,040.1	1,040.0	1,040.0	5.1
9	Japan	473.2	753.6	753.6	763.5	765.2	765.2	765.2	765.2	2.4
10	Netherlands	1,588.2	1,366.7	1,366.7	911.8	612.5	612.5	612.5	612.5	65.5
11	India	216.3	267.3	332.6	357.8	557.7	557.7	557.7	592.0	5.9
12	European Central Bank	...	...	...	747.4	501.4	502.1	504.8	504.8	25.8
13	Taiwan	72.9	97.8	421.0	421.8	423.6	423.6	423.6	423.6	3.5
14th	Portugal	801.5	689.6	492.4	606.7	382.5	382.5	382.5	382.5	63.8
15th	Kazakhstan	...	...	...	57.2	67.3	104.4	205.7	345.4	44.9
16	Saudi Arabia	105.8	142.0	143.0	143.0	322.9	322.9	322.9	323.1	2.4
17th	United Kingdom	1,198.1	585.9	589.1	487.5	310.3	310.3	310.3	310.3	7.3
18th	Lebanon	255.5	286.8	286.8	286.8	286.8	286.8	286.8	286.8	20.2
19th	Spain	442.6	454.3	485.6	523.4	281.6	281.6	281.6	281.6	15.8
20th	Austria	634.2	656.6	634.3	377.5	280.0	280.0	280.0	280.0	48.3
21st	Turkey	112.9	117.2	127.4	116.3	116.1	295.5	504.7	253.1	12.1
22nd	Belgium	1,306.6	1,063.1	940.3	258.1	227.5	227.5	227.4	227.4	34.1
23	Philippines	49.8	59.7	89.8	224.8	154.1	199.1	195.4	197.9	10.4
24	Algeria	170.1	173.6	159.9	173.6	173.6	173.6	173.6	173.6	7.3
25th	Venezuela	341.2	356.4	356.4	318.5	365.8	362.0	361.0	161.2	76.6
26th	Thailand	72.8	77.4	77.0	73.6	99.5	152.4	152.4	154.0	3.0
27	Poland	...	23.6	14.7	102.8	102.9	102.9	102.9	128.6	4.4
28	Singapore	...	...	...	127.4	127.4	127.4	127.4	127.4	1.7
29	Sweden	177.8	188.8	188.8	185.4	125.7	125.7	125.7	125.7	8.1
30th	South Africa	591.9	377.9	127.2	183.5	124.9	125.0	125.2	125.3	9.7
31	Mexico	156.4	64.1	28.6	7.8	7.1	125.1	122.2	120.1	2.7
32	Libya	75.8	95.7	112.0	143.8	143.8	116.6	116.6	116.6	5.4
33	Greece	103.5	119.3	105.8	132.6	111.6	111.8	112.6	113.1	60.0
34	South Korea	3.0	9.3	10.0	13.7	14.4	70.4	104.4	104.4	1.0
35	Romania	...	115.5	68.7	104.9	103.7	103.7	103.7	103.7	9.9
36	BIZ	250.6	234.6	242.6	199.2	120.0	116.0	108.0	102.0	...
37	Iraq	127.5	...	...	...	5.9	5.9	89.8	96.3	6.4
38	Kuwait	76.6	79.0	79.0	79.0	79.0	79.0	79.0	79.0	7.8
39	Indonesia	3.5	74.5	96.8	96.5	73.1	73.1	78.1	78.5	2.7
40	Egypt	75.7	75.6	75.6	75.6	75.6	75.6	75.6	78.3	7.0
41	Australia	212.4	246.7	246.7	79.7	79.9	79.9	79.9	68.7	5.6
42	Brazil	40.2	58.3	142.1	65.9	33.6	33.6	67.2	67.3	0.7
43	Denmark	57.4	50.7	51.3	66.6	66.5	66.5	66.5	66.5	3.6
44	Pakistan	48.5	56.6	60.6	65.0	64.4	64.4	64.5	64.6	21.1
45	Argentina	124.2	136.0	131.7	0.6	54.7	61.7	61.7	61.7	4.5
46	Finland	25.7	30.7	62.3	49.0	49.1	49.1	49.1	49.1	19.5
47	Belarus	...	...	...	1.2	35.3	49.7	44.6	46.9	25.8
48	Bolivia	11.3	23.6	27.8	29.2	28.3	42.3	42.5	42.5	19.1
49	Bulgaria	...	...	...	39.9	39.9	39.9	40.1	40.4	5.8
50	Malaysia	42.6	72.2	73.1	36.4	36.4	36.4	37.3	38.9	1.5
51	Peru	35.3	43.5	68.7	34.2	34.7	34.7	34.7	34.7	2.3
52	Slovakia	...	...	...	40.1	31.8	31.8	31.7	31.7	24.4
53	Hungary	...	64.4	9.3	3.1	3.1	3.1	3.1	31.5	4.4
54	Qatar	5.8	14.8	25.9	0.6	12.4	12.4	12.4	31.1	4.2
55	Syria	24.9	25.9	25.9	25.9	25.8	25.8	25.8	25.8	5.7
56	Ukraine	...	...	...	14.1	27.5	34.8	23.9	24.3	5.4
57	Morocco	18.7	21.9	21.9	22.0	22.0	22.0	22.0	22.1	3.6
58	Afghanistan	...	...	...	...	21.9	21.9	21.9	21.9	10.7
59	Nigeria	17.8	21.4	21.4	21.4	21.4	21.4	21.4	21.4	2.0
60	Serbia	...	...	...	14.2	13.1	14.8	17.7	20.2	6.0
61	Sri Lanka	...	2.0	1.9	10.5	17.2	8.2	22.3	19.9	9.1
62	Tajikistan	...	...	...	0.2	2.6	4.9	8.9	19.7	62.6
63	Mongolia	...	...	...	...	...	...	2.2	15.1	17.3
64	Bangladesh	...	1.7	2.5	3.4	13.5	13.5	13.8	14.0	1.8
65	Cyprus	13.3	14.3	14.3	14.4	13.9	13.9	13.9	13.9	62.0
66	Curaçao and Sint Maarten	...	...	...	...	...	...	...	13.1	29.0
67	Colombia	15.1	86.7	19.5	10.2	6.9	10.4	10.4	12.8	1.1
68	Mauritius	...	1.2	1.9	1.9	3.9	3.9	8.9	12.4	7.7
69	Cambodia	...	...	...	12.4	12.4	12.4	12.4	12.4	3.8
70	Ecuador	17.0	12.9	13.8	26.3	26.3	26.3	11.8	11.8	19.3
71	Kyrgyzstan	...	...	...	2.6	2.6	2.9	4.0	10.8	20.2
72	Czech Republic	...	...	...	13.9	12.7	11.8	10.2	8.8	0.2
73	Ghana	5.0	7.9	7.3	8.7	8.7	8.7	8.7	8.7	5.7
74	Paraguay	...	...	...	1.1	0.7	8.2	8.2	8.2	4.2
75	United Arab Emirates	...	...	...	...	...	...	...	7.5	0.3
76	Myanmar	55.7	7.8	7.8	7.2	7.2	7.3	7.3	7.3	5.4
77	Guatemala	15.5	16.2	6.4	6.7	6.9	6.9	6.9	6.9	2.2
78	North Macedonia	...	...	...	3.5	6.8	6.8	6.8	6.9	8.5
79	Tunisia	3.9	5.8	5.8	6.8	6.8	6.7	6.8	6.8	5.4
80	Latvia	...	...	...	7.7	7.7	7.7	6.6	6.6	6.1
81	Ireland	14.2	11.1	11.2	5.5	6.0	6.0	6.0	6.0	4.6
82	Lithuania	...	...	...	5.8	5.8	5.8	5.8	5.8	5.1
83	Bahrain	...	...	...	...	4.7	4.7	4.7	4.7	7.6
84	Brunei	...	...	...	...	...	2.0	4.6	4.5	5.4
85	Mozambique	...	...	...	2.2	2.3	3.3	5.9	4.4	5.2
86	Slovenia	...	...	...	0.0	3.2	3.2	3.2	3.2	13.4
87	Aruba	...	...	3.1	3.1	3.1	3.1	3.1	3.1	12.8
88	Bosnia and Herzegovina	...	...	...	...	1.0	2.0	3.0	3.0	1.8
89	Luxembourg	13.7	14.2	10.7	2.4	2.2	2.2	2.2	2.2	9.5
90	Hong Kong	...	...	7.1	2.1	2.1	2.1	2.1	2.1	0.0
91	Iceland	0.9	1.5	1.5	1.8	2.0	2.0	2.0	2.0	1.2
92	Papua New Guinea	...	1.8	2.0	2.0	2.0	2.0	2.0	2.0	4.0
93	Trinidad and Tobago	...	1.7	1.7	1.9	1.9	1.9	1.9	1.9	1.0
94	Haiti	...	...	...	...	...	...	1.8	1.8	3.3
95	Yemen	...	...	1.6	1.6	1.6	1.6	1.6	1.6	1.2
96	Albania	...	...	...	3.5	1.6	1.6	1.6	1.6	1.6
97	Suriname	...	...	...	...	...	...	...	1.4	9.9
98	El Salvador	...	...	...	...	...	...	...	1.4	1.4
99	Laos	...	...	0.5	0.5	8.9	8.9	8.9	0.9	3.6
100	Solomon Islands	...	...	...	...	...	...	...	0.7	4.9
	world	36,606.7	35,836.3	35,582.1	33,059.9	30,534.5	31,447.4	32,404.5	33,872.7	...
	Eurozone	...	...	...	12,426.9	10,793.4	10,787.4	10,788.1	11,944.1	28.3

Private gold reserves

The largest private gold reserves of exchange-traded gold products are listed :

Private Reserves (August 2019)

rank	Surname	Type	metric tons
01	SPDR Gold Trust	ETF	0768.73
02	COMEX Gold Trust	ETF	0288.07
02	ETF Securities Gold	ETF	0246.11
04th	ZKB Physical Gold	ETF	0135.27
05	Sprott Physical Gold Trust	ETF	0045.10
06th	GAM Physical Gold	ETF	0032.33
07th	ETFS Physical Swiss Gold	ETF	0019.24
08th	ABSA - NewGold ETF	ETF	0017.79
	total		1552.64

Other substantial holdings of investment gold are kept in private custody in the form of gold bars and gold coins or held in the form of vaulted gold .

In 2010, around 4,000 tons of gold in the form of physical gold investments were owned by German private individuals. In addition, private investors held around 1,400 tons in the form of securities investments in gold. The world's highest privately owned gold reserves are in India , where gold and jewels are traditionally valued as assets of stable value. The amount of gold in private hands in India is estimated at around 18,000 tons.

Web links

Wiktionary: Goldreserve  - explanations of meanings, word origins, synonyms, translations

• World Gold Council

Individual evidence

1. ↑ Bank for International Settlements: Changed composition of currency reserves (PDF; 101 kB), from September 2006.
2. ↑ Erste Bank: Special Report Gold ( Memento of the original dated February 23, 2020 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. , June 2008. 
3. ↑ Financial Times Deutschland: Central banks renew gold agreement ( memento of August 9, 2009 in the Internet Archive ), August 7, 2009.
4. ^ Manfred Jochum: The First Republic in documents and pictures . Wilhelm Braumüller Universitäts-Verlagbuchhandlung, Vienna 1983, p. 247.
5. ^ Memorandum of the secretary in the British War Cabinet EE Bridges from October 6, 1939, Secret Matter: Holland and Belgium: Measures to be taken in the event of an invasion by Germany. P. 1 and 4. In the holdings of the National Archives . Translated from English
6. ↑ Other sources, such as Werner Rings: Raubgold aus Deutschland , even speak of the entire Belgian gold reserve - 221 tons in 5,000 boxes.
7. ↑ Götz Aly: Hitlers Volksstaat , Fischer, Frankfurt 2005, p. 162 ff.
8. ↑ See e.g. B. Otmar Emminger : D-Mark, dollar, currency crises - a former Bundesbank president remembers 1986.
9. ^ Joachim Joesten: Portrait of Jacques Rueff . In: Die Zeit , No. 37/1965.
10. ↑ ^{a b} Diether Stolze: Has de Gaulle defeated the dollar? In: Die Zeit , No. 39/1966.
11. ↑ Myth of gold? In: Die Zeit , No. 35/1971.
12. ↑ Moritz Schwarz: "Bring our gold home!" - Interview with Rolf von Hohenhau . In: Junge Freiheit , No. 19/12 (May 4, 2012), p. 3.
13. ↑ Peter Vollmer: The hunt for the gold treasure of the Bundesbank . In: Financial Times Deutschland of November 7, 2011 ( online ( Memento of November 8, 2011 in the Internet Archive )).
14. ↑ Declaration by the Deutsche Bundesbank on accounting for gold reserves : ( press release www.bundesbank.de ), accessed on October 24, 2012.
15. ↑ Time series BBK01.TUB600: GOLD AND GOLD REQUIREMENTS BUNDESBANK: www.bundesbank.de
16. ↑ https://www.welt.de/newsticker/dpa_nt/infoline_nt/wirtschaft_nt/article167933408/Haelfte-des-deutschen-Goldes-nun-in-heimischen-Tresoren.html
17. ↑ Lorenz Wolf-Doettinchem; Jan Christoph Wiechmann: The last treasure of the Germans . In: Stern from July 1, 2004 ( online ( Memento from August 8, 2010 in the Internet Archive )).
18. ↑ ^{a b c d} World Gold Council: World Gold Council Statistics (registration and login required) ( Memento of the original from October 14, 2012 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.  
19. ↑ Tagesschau.de: IMF parts with 403 tons of gold , from September 19, 2009.
20. ↑ EMFIS: IMF sells 400 tons of gold ( memento from August 1, 2012 in the web archive archive.today ), from February 4, 2007.
21. ↑ Financial Times Deutschland: Reallocation of reserves - Indians drive gold price to record ( Memento of November 4, 2009 in the Internet Archive ), November 3, 2009.
22. ^ World Gold Council: How much gold has been mined? , accessed November 15, 2019.
23. ↑ Reuters: Asia gold premiums tick up; Indian jewelers sell less scrap , dated June 15, 2010.
24. ^ World Gold Council: What percentage of Gold is used in Jewelery, Industry and Investment?
25. ↑ Daniel Eckert How much gold goes to every German Die Welt, October 23, 2012 (viewed on October 24, 2012)
26. ^ Jörg Bernhard: Precious Metals Report. Gold price: mood among the professionals split in two. In: Börse Online . August 6, 2019, accessed August 6, 2019 . 
27. ^ World Official Gold Holdings. (PDF) International Financial Statistics, January 2019. World Gold Council, accessed August 6, 2019 . 
28. ↑ CORRECTED-TABLE-Holdings of SPDR Gold drop. In: reuters.com. August 19, 2019, accessed September 9, 2019 . 
29. ↑ Jens Kleine and Matthias Krautbauer: Gold ownership of private individuals in Germany; Steinbeis Research Center for Financial Services, November 2010, p. 2.
30. ↑ Sonal Jaitly: Gold frenzy: India's love for gold. The Washington Times, October 5, 2011, accessed January 4, 2015 .