Investors have been stocking up on gold in the face of sovereign debt issues in Greece and other countries. Combined exchange traded fund gold holdings reached a record 59.11 million ounces by 6 May, up 943,686 ounces in one week.59.11 million ounces / 32,000 ounces in a tonne = ~1850 tonnes of gold in ETFs.
How much is that? A LOT.
Below is a chart detailing the eleven largest holders of gold; nine central banks, the International Monetary Fund and ETFs.
Absolutely wild considering the first Gold ETF was launched in 2003. And Business Week details that it isn't only private investors diving into the metal:
Central banks added the most gold to their reserves since 1964 last year amid the longest rally in bullion prices in at least nine decades, data compiled by the World Gold Council show.So... are you ready to ride the golden bubble?Combined holdings rose 425.4 metric tons to 30,116.9 tons, an increase worth $13.3 billion at last year’s average price, according to the data. India, Russia and China said last year they added to reserves. The expansion was the first since 1988, the data from the London-based council show.
Central banks, holding about 18 percent of all gold ever mined, are expanding their holdings for the first time in a generation as investors in exchange-traded funds amass bullion as an alternative to currencies.
Source: IMF
Thanks for featuring this data into your post.
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