Gold Reserve
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A Gold Reserve is a government reserve composed of gold bullion.
- Example(s):
- Counter-Example(s):
- See: Central Bank, Store of Value, Depositor, Paper Money, Currency, Troy Ounce.
References
2015
- (Wikipedia, 2015) ⇒ http://en.wikipedia.org/wiki/Gold_reserve Retrieved:2015-7-24.
- A gold reserve is the gold held by a national central bank, intended as a store of value and as a guarantee to redeem promises to pay depositors, note holders (e.g. paper money), or trading peers, or to secure a currency.
It has been estimated that all the gold mined by the end of 2011 totalled 171,300 tonnes.[1] At a price of US$1,500 per troy ounce, reached on 12 April 2013, one tonne of gold has a value of approximately US$48.2 million. The total value of all gold ever mined would exceed US$8.2 trillion at that valuation.[2]
However, there are varying estimates of the total amount of gold mined to date, mainly because gold has been mined for thousands of years around the world. Another reason is that some countries are not particularly open about how much gold they are mining. In addition, it is difficult to account for gold output in illegal mining activities.
- A gold reserve is the gold held by a national central bank, intended as a store of value and as a guarantee to redeem promises to pay depositors, note holders (e.g. paper money), or trading peers, or to secure a currency.
- ↑ on page 2 of the pdf file; last paragraph just before the "Production" section on that page
- ↑ One tonne is equal to approximately 32,150.75 troy ounces.