Top 10 Countries With The Largest Gold Reserves

According to The World Gold Council, the Central banks bought 118 tonnes of gold in early 2014, making it a 28% increase. The European Central bank, along with the other European central banks, have signed the fourth Central Bank Gold Agreement. In this agreement, the central banks are said to have no plans to sell large amounts of gold, and plan to have their gold and their reserves will last for five years, starting at the end of September 2014.

MSM has observed that Russia has moved up two spots in the rankings when it saw a major increase in their gold reserves since February 2014. According to the World Gold Council, Global official gold holdings are totaling at 31,812 tonnes since August 2014.

Let’s take a look at the 10 countries that have the largest gold reserves according to Business Insider.

10. India
India stands at number 10 with 557.7 tonnes of gold, with 7.3% in gold in foreign reserves. India is expecting their gold imports to decline for the third year, all the while the Indian central bank monitors these imports. This past June, the Reserve Bank of India became more flexible with their loan rules.

India’s government has tried to discourage people from making purchases of precious gold. The blame for India’s high current account deficit has been placed on gold imports. Raghuram Rajan, India’s central bank governor, has noted that he believes that India can pay off its debt with gold.

9. Netherlands
Netherlands holds the 8th spot with 612.5 tonnes of gold, with 54.3% of it in foreign reserves. Much of Netherlands gold reserves are being held in the United States, while some are being held in the U.K. and Canada. Around 10% of their gold is expected to be in Amsterdam. Earlier in the year, Netherlands is interested in repatriating its gold.

8. Japan
With 765.2 tonnes of gold, Japan places at the 8th position on this ranking. Their foreign reserves in gold is at 2.5%. In 1950, Japan’s gold reserves were sitting at 6 tonnes, but saw its first jump in 1959 with a purchase of 169 tonnes.

In 2011, the Bank of Japan decided to sell their gold in order to invest ¥20 trillion into their economy due to the tsunami and nuclear disaster they faced that year.

7. Switzerland
Switzerland holds 1,040 tonnes of gold with 8% in foreign reserves, solidifying its position at 7. This past July, a $17.7 billion half-year gain was reported by the Swiss central bank, partially due to the recovering gold prices seen in the market.

When the World Gold Council reported that it was no longer believed to be necessary to hold gold for monetary policy purposes in 1997, a few years later, Switzerland sold 1,300 tonnes of what it believed to be their surplus in gold.

6. China
China holds 1,054.1 tonnes of gold, with 1.1% being in foreign reserves. In 2013, China recently overtook India for the spot of being the world’s largest gold consumer. Although they have the 6th largest gold reserve, it is still a small percentage of their $3.7 trillion in other foreign exchange reserves. It is important for China to build up its gold reserves due to them making moves to internationalize their currency.

5. Russia
Russia is at the 5th position with 1,094.7 tonnes of gold, with 9.7% of it being in foreign reserves. They have been increasing their gold holdings since this past February, eclipsing that of China and Switzerland. Russia has also decided to increase their amounts of gold and away from the euro and dollar due to them facing economic sanctions. 2013 marked the first time Russia’s central bank gold holdings rose above the 1,000-tonne mark.

4. France
France holds 2,435.4 tonnes of gold with 65.1 percent of it being in foreign reserves, placing them at number 4. In late 2004, France sold 572 tonnes of their gold, and 17 tonnes were transferred due to a purchase of BIS shares. France has reported that they have no plans on selling their gold reserves because they believe it provides them with the confidence and diversification in dealing with the volatility that they go through on their balance sheets.

3. Italy
Italy has 2,451.8 tonnes of gold, with 67% of that being their foreign reserves. Italy has no plans of selling their gold, and have never sold any gold under CBGA 1 or 2. However, in 2011, Italian banks did suggest they were interested in buying more gold in order to boost their balance sheets.

2. Germany
With 3,384.2 tonnes of gold, with it making up 68.4% of their foreign reserves, Germany holds the second highest position. In October, Germany reduced their gold holdings. 6 to 7 tonnes of gold is sold from the Bundesbank every year to the finance ministry.

1. United States
The number 1 spot is held by the United States, with 8.133.5 tonnes of gold in their reserves, with 71.9 percent of that in foreign reserves. At their peak, their gold reserves were at one point totaling 20,663 tonnes in 1952, finally dipping below the 10,000 mark in 1968.

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Getting Rid of Old Jewelry? Sell Them For Cash to DD Refinery in NYC

At Diamond District Refinery, we’ll buy your gold in person at our conveniently located midtown office. You can give us a call to set up an appointment or decide to just walk-in. If you can’t make it to our office in person, you can always sell your gold to us online with our Free Gold Kit that we provide! Let’s take a closer look at both of these services that we provide so that you can decide which one may be better for you.

sell gold online
Sell Gold to DD Refinery in Person

We’ll buy your gold jewelry, whether you’re a jeweler, pawn shop, dentist, retailer, or just coming in on a whim. We’ll buy your gold starting at 10k and all the way upwards to 24k, and with a refinery on location, we’ll be able to skip the middleman and pass on the extra savings to you.

With gold prices at an all time high, now is a better time than ever for selling your gold for cash. Give us a call today to set up an appointment or to get a quote for your gold. When you come to our Diamond District Refinery office, you’ll have the option to pawn your jewelry or to sell it to us. If the piece of jewelry you’re bringing to us has a lot of sentimental value, you’ll be able to pawn it to us to hold onto for some quick cash. Whenever you’re ready, you can buy it back, the option is open for you to choose.

Sell Gold Online at DD Refinery with our Free Gold Kit

If you’re interested in selling your gold from the comfort of your home, then look no further. Diamond District Refinery is the Best Place To Sell Gold Online, with our on-site refinery, we’ll be able to skip the middle man and pass on all the savings towards you.

All it takes to send your unwanted gold to us is a few simple steps. The first step is calling or filling out a form on our website in order to recieve a secured pre-paid FedEx envelope kit from us. Once you receive it, you’ll be able to ship in your precious valuables to us for your experts to evaluate. After that has been completed, we’ll provide you with our best cash payout offer. If you approve our offer, your payment will be made via a Check, Bank Wire, PayPal, Moneygram or Western Union.

Just because you ordered a Free Gold Kit from us does not mean you are obligated to accept our offer. If the offer we provided you isn’t satisfactory, you are free to reject our proposal and we’ll send back your precious valuables immediately, no strings attached!

Are you interesting in selling gold in New York but don’t know what we’ll take? Let’s take a look at some of the types of jewelry that you can sell to us at Diamond District Refinery.

Earrings, Bracelets & Bangles

Getting rid of old jewelry? Sell them for cash to DD Refinery in NYCAt DD Refinery, you can sell your earrings, bracelets, and bangles to us for top cash payouts. If your earrings are missing or perhaps your bracelet is broken, you can always bring it to us and we’ll give you a free appraisal so that you’ll know exactly how much it will be worth.

Chains, Rings & Skull Rings

Getting rid of old jewelry? Sell them for cash to DD Refinery in NYCIf you’re interested in selling your chains, rings, or skull rings because they are no longer in fashion with your tastes, we’re more than happy to take it out of your hands and offer you cash on the spot.

Gold & Silver & Platinum

Getting rid of old jewelry? Sell them for cash to DD Refinery in NYCYou can sell gold, silver or platinum to us at DD Refinery with the lowest interest that you can find in NYC. As we mentioned earlier, we have an on-location refinery that allows us to avoid dealing with any 3rd party dealers, and pass on these savings to our valued customers.

The Difference between Selling in Bulk and Selling Individually

Gold is one valuable commodity in your locker that only gets better to sell overtime. Whether you have gold jewelry or gold coins, they can bring enough cash to ease financial burdens. Some people in New York even keep them as long term investments, and sell gold in New York when the price is right.

sell gold nyc

So if you have decided that now’s the right time to sell your gold, you have probably come across this question. Should I sell it individually or in bulk? Well both have their pros and cons, but that depends a lot on what type of gold you have. The most common type is jewelry, and then there are gold coins and gold bars along with the others. Based on what type of gold form you want to sell, you can choose for either selling in bulk or individually.

Selling in Bulk
Gold rates go up and down by the day, a bit similar to how the currency exchange market operates. But unlike currencies, the gold rates have been appreciating since the past decade. During the recession, gold was sold the most and caused a price boom. When you are selling in bulk, you should make sure you sell similar forms of gold together. Mixing gold jewelry with scrap gold will only make it easier for the gold buyers to offer you less. In other words, you are mixing high value gold with low value gold without knowing and getting paid for far less than what you should have. But make sure you don’t sell gold jewelry with gemstones and other precious stones. Also make sure that you sell the same karat value of gold items together, as higher karats are more expensive.

As for gold bars and coins, you can sell them together but make sure you get them valued from three to four gold buyers. Get daily updates on the current rate of gold and choose a day when the rates go up significantly. This can allow you to have a better estimate of how much your gold is worth. The rates of gold go up and down, but overall they are only increasing. Hence, being patient and waiting for the right time can help you to maximize your earnings. In today’s market, you can even sell scrap gold that has been damaged or broken over the years for some good money!

Selling Individually
Though you can sell gold jewelry in bulk, jewelry carrying gemstones and other precious stones should always be sold separately. If you have bought jewelry with precious stones, you know how much it cost you. That’s because these stones add more value to the gold. Hence, you should sell them separately to gold and stone buyers, where you can get fair rates. Other than that, scrap gold of high karat value should also be sold separately. They are worth much more and you can get better rates for them, unlike 18 karat scrap gold.

Once you know how to separate your gold, you can then easily sell it for good earnings. If you plan to sell online, then Diamond District Refinery provides the best rates of gold in New York. Get a free quote and sell your gold safely!

Buying Gold or Selling Gold – Which is Easier?

sell gold nycFinding an opportunity to sell gold in NYC isn’t exactly hard, with so many gold buyers out there all vying for your attention. From coin shops, local jewelers, and even television ads are trying to get your business and buy your gold.

With the market price of gold reaching record breaking highs of $1,388 an ounce earlier in the year as well as silver hitting a 30-year peak of $24 an ounce, many of the largest jewelry-store chains in the nation are opening online services to buy gold jewelry. Unfortunately, the price that gold buyers will offer come in a large range.

Some of these offers will be as low as 10% of the gold jewelry or coins meltdown value. Many of the more well known jewelry stores offer around 50% of the gold’s meltdown value, while coin shops have a tendency to pay up to 80%. A few online buyers however, will offer as much as 90% of the gold’s meltdown value. Before settling with a buyer, the first step you should take is finding out if they have a clean record, finding out if the Better Business Bureau gives them at least an A-minus grade. For those who are interested in buying gold low and selling it high, now is a great time to sell gold in New York or any other precious metals that you have in store, whether its brand new or collecting dust in a drawer somewhere. Let’s take a look some steps that will help you find the best offers for your gold.

Know what it is that you are selling. If you plan to sell your gold jewelry, you should understand that 14-karat gold is only valued at 58.5% of pure gold. You won’t be getting close to the prices you see in advertisements. You’ll want to know the pure gold content of your jewelry to get an accurate estimate of how much you can potentially earn. When selling your jewelry, make sure that you remove any gems that may be a part of the piece, but also recognize that antique or well-designed jewelry may be worth more than the weight of its gold.

Make sure that your valuables are insured. Some services you find online will provide you with shipping materials that are cover the insurance as well as shipping costs. Unfortunately, relying on another person’s insurance can problematic if the package you sent gets lost and the value of the content you sent might wind up disputed. By sending your valuables through the U.S Post Office, you’ll be able to buy insurance that covers up to $25,000.

Begin by starting small. If you have a large amount of valuables that you want to unload, try selling only a few pieces of jewelry or coins so that you can see if they meet your ideals. If you’re satisfied with this transaction, you’ll feel more confident in selling the rest of your gold. However, you shouldn’t expect to get the retail price you paid for it when selling gold in NYC or anywhere else for that matter.