Mark Carney gold

REUTERS/Blair Gable

Bank of England governor Mark Carney with some gold.

Gold is in the midst of something of a renaissance. With uncertainty about the future direction of the global economy, fears about what Britain’s Brexit vote means for Europe, and serious geopolitical troubles worldwide, the asset that has been used as a haven for thousands of years is back in fashion.

Gold’s price has increased by more than 25% so far in 2016, and in July, analysts from UBS argued that the metal has entered a so-called “new phase.”

UBS said that the UK’s vote to leave the EU has reinforced the risks facing the global economy, boosted uncertainty, and helped to crystallise worries about the effectiveness of unconventional monetary policies like negative interest rates. All of this combines to create an environment where gold is a hugely attractive investment and is right at the forefront of the global markets.

With that in mind, Business Insider decided to take a look at the countries around the world where the most gold is held in reserve by governments and central banks, using the latest data from the World Gold Council.

Check out the list below:

17. Spain

Official gold holdings: 281.6 tonnes

% of foreign reserves in gold: 19.8

Cash value: $ 14 billion

16. Lebanon

Official gold holdings: 286.8 tonnes

% of foreign reserves in gold: 24

Cash value: $ 14.3 billion

15. United Kingdom

Official gold holdings: 310.3 tonnes

% of foreign reserves in gold: 9.3

Cash value: $ 15.4 billion

14. Saudi Arabia

Official gold holdings: 322.9 tonnes

% of foreign reserves in gold: 2.3

Cash value: $ 16 billion

13. Portugal

Official gold holdings: 382.5 tonnes

% of foreign reserves in gold: 71.3

Cash value: $ 19 billion

12. Taiwan

Official gold holdings: 422.7 tonnes

% of foreign reserves in gold: 4%

Cash value: $ 21 billion 

11. Turkey

Official gold holdings: 474.4

% of foreign reserves in gold: 16.5

Cash value: $ 23.6 billion

10. India

Official gold holdings: 557.8 tonnes

% of foreign reserves in gold: 6.5

Cash value: $ 27.7 billion

9. Netherlands

Official gold holdings: 612.5

% of foreign reserves in gold: 63.3%

Cash value: $ 30.4 billion

8. Japan

Official gold holdings: 765.2 tonnes

% of foreign reserves in gold: 2.6

Cash value: $ 38 billion

7. Switzerland

Official gold holdings: 1,040 tonnes

% of foreign reserves in gold: 6.7

Cash value: $ 51.7 billion

6. Russia

Official gold holdings: 1,498.7 tonnes

% of foreign reserves in gold: 16.2%

Cash value: $ 74.4 billion

5. China

Official gold holdings: 1,823.3 tonnes

% of foreign reserves in gold: 2.3%

Cash value: $ 90.6 billion

4. France

Official gold holdings: 2,435.8 tonnes

% of foreign reserves in gold: 65.4

Cash value: $ 121.1 billion

3. Italy

Official gold holdings: 2,451.8 tonnes

% of foreign reserves in gold: 69.4

Cash value: $ 121.9 billion

2. Germany

Official gold holdings: 3,378.2 tonnes

% of foreign reserves in gold: 69.9

Cash value: $ 167.9 billion

1. United States of America

Official gold holdings: 8,133.5 tonnes

% of foreign reserves in gold: 76%

Cash value: $ 404.3 billion

Business Insider » Finance

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