10 Enormous Gold Reserves (GLD)

Total gold demand in dollar terms increased in 2012, but declined in tonnage.  This is according to the World Gold Council.

The world's central banks were among the biggest customers, buying 534.6 metric tons of gold last year.

And the buying has continued into this year.

The World Gold Council reports that worldwide official gold holdings increased to 31,597 tons in February, up from 31,575.1 tons a month ago.

We pulled the numbers on the 10 biggest official 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.

#10 India

Official gold holdings:
557.7 tonnes

Percent of foreign reserves in gold:
9.9 percent

The Reserve Bank of India is known to buy IMF gold and considers gold to be a safe investment, but rarely comments on its plans to buy gold.

Source: World Gold Council

#9 Netherlands

Official gold holdings:
612.5 tonnes

Percent of foreign reserves in gold:
59.7 percent

Back in 1999, the Netherlands announced under the Central Bank Gold Agreement (CB GA1) that it would sell 300 tonnes of gold during the five years, but only managed to sell 235 tonnes.

Under CBGA2 (2004/2005 –'08/'09) it said it would sell a total of 165 tones (which included the 65 tonnes left over from CBGA1), and it announced no sales under CBGA3 (from 2008/2009 – '13/'14).

Source: World Gold Council

#8 Japan

Official gold holdings:
765.2 tonnes

Percent of foreign reserves in gold:
3.2 percent

Japan's gold reserves were at just 6 tonnes in 1950, and its central bank registered its first serious jump in gold holdings in 1959, with purchases increasing by 169 tonnes from the previous year.

In 2011, the Bank of Japan sold gold to pump ¥20 trillion into the economy to calm investors after the tsunami and nuclear disaster.

Source: World Gold Council

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