A gold reserve is the gold held by a central bank or nation 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.
At the end of 2004, central banks and investment funds held 19% of all above-ground gold as bank reserve assets.
It has been estimated that all the gold mined by the end of 2009 totaled 165,000 tonnes. At a price of US$1900 per troy ounce, reached in September 2011, one tonne of gold has a value of approximately US$61.1 million. The total value of all gold ever mined would exceed US$10.1 trillion at that valuation.
Read more about Gold Reserve: IMF Gold Holdings, Gold Reserves and Their Relevance in War Times (Example From WW II), Officially Reported Gold Holdings, Privately Held Gold, World Gold Holdings
Famous quotes containing the words gold reserve, gold and/or reserve:
“Common experience is the gold reserve which confers an exchange value on the currency which words are; without this reserve of shared experiences, all our pronouncements are cheques drawn on insufficient funds.”
—René Daumal (1908–1944)
“Burning hot is the ground, liquid gold is the air;
Whoever looks round sees Eternity there.”
—John Clare (1793–1864)
“Mutual repect implies discretion and reserve even in love itself; it means preserving as much liberty as possible to those whose life we share. We must distrust our instinct of intervention, for the desire to make one’s own will prevail is often disguised under the mask of solicitude.”
—Henri-Frédéric Amiel (1821–1881)