Saudi Arabia Has The Highest Regional Gold Reserves

At the end of July 2011 Saudi Arabia had the largest gold reserves in the region with 322.9 tons, followed by Lebanon with 286.8 tons,reported Saudi Gazette Tuesday. Globally, the United States was first with 8,133.5 tons of gold, followed by Germany with 3,401 and the International Monetary Fund with 2,814 tons, according to a report from the World Gold Council. The report added that gold was one of the best commodities and amongst the most sought-after assets for investors. The International Monetary Fund regularly maintains statistics of national assets as reported by various countries. These data are used by the World Gold Council to periodically rank and report the gold holding of countries and official organizations. 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.