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Monday, Feb 26, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Gold

U.S. central bank holds highest volume of gold reserves: Forex Suggest

The U.S. holds the highest volume of gold reserves in its central bank with 8,133 tonnes

U.S. central bank holds highest volume of gold reserves Forex Suggest
Photo from Zlaťáky.cz via Unsplash

The United States is the top gold nation among 17 selected countries, according to a new study released by Luxembourg-based finance firm, Forex Suggest.

Published on Monday, the study analyzed data from the World Gold Council on central bank gold reserves and consumer demand for jewellery, Exchange Trade Fund (ETF) holdings and demand per capita at an international level.

The U.S. holds the highest volume of gold reserves in its central bank, with 8,133 tonnes, as well as ETF gold holdings of 1,668 tonnes. ETFs are baskets of stocks or bonds that trade like regular stocks and are usually passively managed to match the underlying benchmark index. The SPDR Gold Trust is the largest gold ETF.

The Newmont Corporation (TSX: NGT) (NYSE: NEM) is the largest gold mining company operating in the United States. It has significant operations in Nevada, Colorado, Alaska and California. Barrick Gold (TSX: ABX) (NYSE: GOLD) is another major in the gold mining industry and has operations in the United States. It operates the Goldstrike mines in Nevada, which is among the largest and most productive gold mines in the country. Kinross Gold Corporation (TSX: K) (NYSE: KGC) also operates in the United States, including the Fort Knox mine in Alaska and the Round Mountain mine in Nevada.

Beyond the large scale gold mining operations, the United States sports a discrete number of promising junior miners.

Calibre Mining (TSX: CXB) (OTCQX: CXBMF) is a junior miner operating also operating in Nevada. The most recent findings at its Pan Mine in the Battle Mountain Eureka Trend have been hailed as the most impressive yet for Pan, based on not just the quality and density of the mineral deposits, but also their consistent distribution across the system’s structure and their close proximity to the surface.

NevGold Corp.  (TSX: NAU) (OTCQX: NAUFF) recently discovered oxide gold intercepts from the surface of its Nutmeg Mountain project in Idaho.

Recent drilling results indicate the potential for heap leach processing, with an intercept of 0.80 g/t Au over 51.5 meters from surface (oxide), including 1.40 g/t Au over 11.3 meters from a depth of 9.8 meters (oxide) in Hole NMD0004.

Top ten countries by size. Image by Forex Suggest.

Read more: Nunavut’s Goose Project on schedule for mill completion by 2025: B2Gold

Read more: Orla Mining finds high grade gold mineralization in Mexico

Germany and Switzerland secure second and third overall position

Germany secured the second position overall among the largest gold-producing countries, scoring 6.83 out of 10. While Germany’s central bank gold reserves volume (3,355 tonnes) was slightly lower than that of the US, it recorded higher consumer demand (2.34 grams). In terms of ETF gold holdings, Germany ranks third with a volume of 401 tonnes, following the U.S. and the United Kingdom.

Switzerland secured the third overall position among the most prominent gold nations, scoring 6.57 out of 10. As a major financial hub, Switzerland holds one of the highest volumes of ETF gold holdings, amounting to 341 tonnes as of the first quarter of 2023. Additionally, it boasts the highest consumer demand per capita (5.58 grams) compared to any other country, including the United States.

Swissinfo.ch reported that in September 2022, Switzerland emerged as the top global importer of gold, having purchased CHF90 billion (USD$92.3 billion) worth of the metal in 2021. Despite having smaller gold reserves compared to the United States and Germany, Switzerland maintains its position as the world’s largest bullion refining and transit hub.

Turkey comes in fourth with 36 thousand tonnes in gold reserves backed by 571 tonnes in central bank holdings, but strong consumer demand for gold ETF. Italy and China linger close behind showing strong central bank holdings with 2,451 tonnes and 2,068 tonnes respectively in their central banks, and strong gold reserves with 156,000 tonnes and 136,000 tonnes respectively, but offset by poor ETF gold demand with 2 tonnes for Italy and -0.8 tonnes for China.

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NevGold Corp. and Calibre Mining are sponsors of Mugglehead News coverage

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