Gold And Foreign Money Exchange Reserves Fall as They Are Pressured by Lowering Gold Prices – Part 2

November 6th, 2012
This article follows on from Gold And Foreign Money Exchange Reserves Fall as They Are Pressured by Lowering Gold Prices part one.
We continue our article on how gold and foreign money exchange reserves fell in January 2012, as a result of declining gold prices and from direct repercussions in gains to the dollar which had an impact on best exchange rates for US dollars. We discussed how much gold there is in the world – 140,000 tonnes, its value – so if you were to carry out a money exchange for all the gold in the world you would end up at a figure of $1.8 trillion! We discussed how far the worlds gold would go towards paying off national debt if it could and how the worlds gold wealth is split between governments of the world, the US being a major gold owner and private owners in the form of jewellery an bullion. Some more interesting facts about gold:
Around 90% of gold found above the ground has been mined since the 1848 California gold rush. The price of mining gold has gone down since this time as modern machinery has been developed to help with the extraction process.  Where it is known that gold exists it can be extracted, gold that has yet to be mined appears on mining companies books as ‘reserves’. It is estimated that underground gold reserves account for about 40% of that found above ground – around 50,000 tonnes and of this figure, South Africa holds 50%.
So who actually owns the worlds gold? About 25% is held in central bank vaults. The US holds the biggest share, followed by Germany.
The remaining which forms the bulk of the worlds gold reserves is held by private individuals, the biggest percentage is held in the form of jewellery and coins which accounts for a massive 70,000 tonnes which accounts for half of the worlds total reserve, and the rest is held in privately owned bullion, this accounts for around 20,000 tonnes. There are many high street shops and gold specialists nowadays that will happily value your gold and offer a good rate of money exchange. Often people are unaware of just how valuable gold is. For all of your best exchange rate needs including foreign currency exchange visit us at Best Exchange Rates UK.