Every year billions of gold is consumed by people all over the world. In 2011 survey, ten highest gold consuming nations were brought out by LBMA, Thomson Reuters GFMS and World Gold Council. Here is the list:
# 10 Thailand
Gold Consumed Worth (in 2011) - $5.51 billion
Total Gold Holdings in Central Bank - 152.4 tonnes
Thai gold is preferred by buyer from all over the world for its 96.6 (23 Carat). There are many gold jewelry shops in Bangkok and the best known area for buying gold is Yaowarat in China Town. There are more than 130 shops selling all kinds of gold jewellery, bars and biscuits.
# 9 Switzerland
Gold Consumed Worth (in 2011) - $5.92 billion
Total Gold Holdings in Central Bank - 1,040.1 tonnes
In Switzerland gold bars are very popular among the gold buyers. The gold bars are made in two different varieties, such as the cast and minted. The cast bar is manufactured by pouring the hot liquid gold into a mould to give it the required shape. And the minted bars are made by cutting gold blanks from flat sheet of solid gold.
# 10 Thailand
Gold Consumed Worth (in 2011) - $5.51 billion
Total Gold Holdings in Central Bank - 152.4 tonnes
Thai gold is preferred by buyer from all over the world for its 96.6 (23 Carat). There are many gold jewelry shops in Bangkok and the best known area for buying gold is Yaowarat in China Town. There are more than 130 shops selling all kinds of gold jewellery, bars and biscuits.
# 9 Switzerland
Gold Consumed Worth (in 2011) - $5.92 billion
Total Gold Holdings in Central Bank - 1,040.1 tonnes
In Switzerland gold bars are very popular among the gold buyers. The gold bars are made in two different varieties, such as the cast and minted. The cast bar is manufactured by pouring the hot liquid gold into a mould to give it the required shape. And the minted bars are made by cutting gold blanks from flat sheet of solid gold.
# 8 Turkey
Gold Consumed Worth (in 2011) - $7.26 billion
Total Gold Holdings in Central Bank - 240 tonnes
The relationship between turkey and gold coins is as old as 2,000 years. World’s first gold coins were made in Lydia during 640 BC. With this long history, Turkey produced a great variety of gold coins, such as Sultani, Serifi, Yarim, Luk, Onluk, Altin, Mahbub, Cifte, Tek, Istanbul, Dort, Piastres and Lire.
# 7 Germany
Gold Consumed Worth (in 2011) - $8.17 billion
Total Gold Holdings in Central Bank - 3,396.3 tonnes
The largest economy in the Eurozone, Germany, has the largest reserve of gold after the United States. Since September 2011, Germany has sold 4.7 tonnes of gold under the Central Bank Gold Agreement, with the gold reserves of 3,396.3 tons. In November 2011, the IMF said that most of the gold was sold to the ministry of finance to imprint commemorative coins. Germany also refused to have its gold holdings to age boost the EFSF. The gold holdings values around €133 billion ($170 billion). During the Cold War Germany had moved some of its gold reserves abroad to protect them from a possible Soviet attack.
# 6 USA
Gold Consumed Worth (in 2011) - $9.97 billion
Total Gold Holdings in Central Bank - 8,133.5 tonnes
For the first time gold mining had taken place in United States at the Reed farm in North Carolina in 1799. US gold production increased rapidly during the 1980s, due to rise in gold price and the use of heap leaching to recover gold from deposits in Nevada and other states.United States produced 240 tonnes of gold, in 2007 and turned to be the fourth-largest gold-producing nation, after Australia, South Africa, and China. It is the net exporter of gold.
# 5 Middle East
Gold Consumed Worth (in 2011) - $10.01 billion
According to market observes Tehran has been one of the biggest buyers of gold ingots in the past decades after china, Russia and India. It is also among the 20 largest owners of gold reserves in the world, as reported by Business Insider.Com. Middle East consists of the Western Asia and partial North Africa. The Middle East is also the historical origin of major religions such as Judaism, Christianity, and Islam.
# 4 Europe
Gold Consumed Worth (in 2011) - $19.18 billion
Total Gold Holdings in Central Bank - 15,784.1 tonnes
Like the other world coins, European coins are a promising sector of the present gold market. Minted during the days back in 1935, theses classic gold coins offers all kinds’ benefits of trading in this modern era like financial privacy, higher premiums. Because of its rareness and scarcity you can expect extra premium during the period of peak demand.
# 3 China
Gold Consumed Worth (in 2011) - $38.7 billion
Total Gold Holdings in Central Bank - 1,054.1 tonnes
According to the Analysts, China bought as much as 490 tons of gold in 2011, double the estimated 245 tons in 2010. “The thing that’s caught people’s minds is the massive increase in Chinese buying,” remarked Ross Norman of Sharps Pixley, a London gold brokerage, as quoted by Forbes. Its gold holdings are worth about $63 billion but it has more than $3 trillion in U.S. dollars in its reserve.
# 2 Greater China
Gold Consumed Worth (in 2011) - $40.7 billion
Total Gold Holdings in Central Bank - 1,054.1 tonnes
Greater China is a term used to refer to Mainland China, Hong Kong, Macao and Taiwan. The total amount of gold consumed in parts greater china is of $40.7 billion. China reportedly made significant gold purchases in 2011. Though China is world's most populous nation its gold holdings are only 1.6 percent of its total reserves.
# 1 India
Gold Consumed Worth (in 2011) - $46.3 billion
Total Gold Holdings in Central Bank - 557.7 tonnes
For Indians, gold has always been much more than a precious metal. It is an inseparable part of Indian culture, traditions and religious rites. Akshaya Tirtya is a Indian festival which is considerd an auspicious time for buying gold. Hence, there is no surprise as to why India is the world’s number one gold consuming nation and will remain so in future too because it has the largest number of gold lovers.
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