In July 2011, US Congressman Ron Paul famously asked Ben Bernanke (Chairman of the Federal Reserve at the time) the question “Is gold money?”
Bernanke responded that gold is not money, and that central banks only hold gold because of “tradition.”
Anyone who believes this is seriously uneducated when it comes to economics and monetary history.
The following article shows which countries have the largest gold stockpiles around the world.
“Beginning in 2010, central banks around the world turned from being net sellers of gold to net buyers of gold. Last year they collectively added 483 tonnes—the second largest annual total since the end of the gold standard—with Russia and China accounting for most of the activity. The second half of 2015 saw the most robust purchasing on record, according to the World Gold Council (WGC)…
…It’s worth noting that this global gold-buying spree coincides perfectly with the rise of unconventional monetary policies following the financial crisis—massive bond-buying programs, rapid money-printing schemes and near-zero or, in some cases, negative interest rates. The jury’s still out on whether these measures have been a success or not, but for now, it appears as if banks are hedging against their own policies. Investors would be wise to do the same. Confidence in central banks’ ability to stem further economic deterioration continues to deflate.
Below are the top 10 countries with the largest gold holdings, beginning with India.
To see the other 6, read more @