Where the world’s gold is actually held

Five charts to start your day

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CHART 1 • Where the world’s gold is actually held

Gold is one of the oldest financial assets on earth yet most people have little sense of where it actually sits. This chart pulls the entire global stock into one view and the split between above ground and below ground is more striking than many expect.

The largest share is in jewellery. About 97,149 tonnes of gold are held in necklaces, bangles and ornaments across households and cultures. Bars and coins account for a further 48,634 tonnes, which covers everything from investment bars to gold backed ETFs. Central banks hold about 37,755 tonnes, a reminder that gold still plays a role in monetary policy and national reserves. Industrial uses such as electronics, dentistry and specialist components make up another 32,727 tonnes. In total the above ground stock is roughly 216,265 tonnes worth about $28.7 trillion at today’s prices.

Below ground is another story. Known reserves add up to 54,780 tonnes while a further 77,340 tonnes sit in resources that are not yet fully proven to be economically mineable. Together that is about 132,118 tonnes valued at around $24.8 trillion.

Source: Visual Capitalist

This is a world that no longer moves in unison. Prices diverge across Europe. Debt and interest costs rise together in America. Labour supply slows just as employers need it most. Even gold, the most timeless of assets, reflects changing behaviour above and below ground.

I have four more charts that build on these themes and deepen the picture. They are for paid subscribers. Consider joining if you want the full edition and the extra analysis that comes with it.

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