Where’s the Gold?

Fort Knox.
Fort Knox

There have been increasing concerns raised among gold analysts about the diminishing stocks of gold in western countries, specifically in western central banks.  Increasingly, gold has been exported to the east, particularly Russia, India and China.  Speculation has grown that these countries are preparing for a global monetary reset that will reintroduce gold as money, and that western nations will be in a weakened position due to their diminished gold stocks.

At its peak, during World War II, the United States held about 20,000 metric tons of gold at Fort Knox, also known as the United States Bullion Depository.  Much of this gold came as a result of Executive Order 6102, signed by President Franklin Delano Roosevelt in 1933, requiring Americans to turn in their gold for dollars.  Many Americans willingly turned in their gold due to loyalty to their country.  Today, Fort Knox is said to hold about 4,000 of the roughly 8,000 metric tons of gold held by the U.S. government.

It is believed that about 165,000 metric tons have been mined throughout history, with roughly 2,500 metric tons being mined annually.  This represents about 1.5 percent growth in the amount of gold each year.

According to the World Gold Council, the following nations led the world in gold reserves in 2015 (figures in metric tons):

  1. United States – 8,133.5 tons
  2. Germany – 3,381 tons
  3. Italy – 2,451.8 tons
  4. France – 2,435.6 tons
  5. China – 1,762.3 tons
  6. Russia – 1392.9 tons
  7. Switzerland – 1,040 tons
  8. Japan – 765.2 tons
  9. Netherlands – 612.5 tons
  10. India – 557.7 tons
  11. Turkey 515.5 tons
  12. Taiwan – 423.6 tons
  13. Portugal – 382.5
  14. Venezuela – 361 tons
  15. Saudi Arabia – 322.9 tons
  16. United Kingdom – 310.3 tons
  17. Lebanon – 286.8 tons
  18. Spain – 281.6 tons
  19. Austria – 280 tons

According to a report issued by the USGS (United States Geological Survey), the following nations led the world in gold production in 2014 (figures in metric tons):

  1. China – 450 tons
  2. Australia – 274 tons
  3. Russia – 247 tons
  4. United States – 210 tons
  5. Canada – 152 tons
  6. South Africa – 152 tons
  7. Peru – 140 tons
  8. Mexico – 118 tons
  9. Uzbekistan – 100 tons
  10. Ghana – 91 tons
  11. Brazil – 80 tons
  12. Indonesia – 69 tons
  13. Papua New Guinea – 53 tons