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Which country owns most gold?

Last updated on: April 27, 2004 18:37 IST
Gold

Which nation has largest monetary gold reserves?
Take the Rediff Business Quiz and see how much you know about the history of gold

Biz Quiz is best viewed in Internet Explorer (IE) and Netscape above version 6.0.

1. When did the famed Gold Rush begin?
a) 1848
b) 1849
c) 1852

2. In 2003 who was the biggest gold exporter to India?
a) United States
b) Switzerland
c) South Africa

Wrong! Try again.
Wrong!
The correct answer is South Africa .
Following liberalisation of import controls on gold, India is looking beyond Switzerland and UAE and sourcing more and more of the precious metal from countries like South Africa, Australia and Hong Kong. South Africa exported gold worth Rs 8,272 crore to India in 2003, compared to Rs 4,794 crore during 2002. In doing so, South Africa has dethroned Switzerland as the biggest exporter of gold to India. India's gold import bill for 2003 was Rs 18,607 crore.
Correct!
Following liberalisation of import controls on gold, India is looking beyond Switzerland and UAE and sourcing more and more of the precious metal from countries like South Africa, Australia and Hong Kong. South Africa exported gold worth Rs 8,272 crore to India in 2003, compared to Rs 4,794 crore during 2002. In doing so, South Africa has dethroned Switzerland as the biggest exporter of gold to India. India's gold import bill for 2003 was Rs 18,607 crore.

3. Who is the world's largest gold producer?
a) United States
b) South Africa
c) Australia

Wrong! Try again.
Wrong!
The correct answer is South Africa.
South Africa has enormous gold ore reserves, estimated at 40,000 tonnes, representing 40 per cent of the global reserves. South Africa's main gold producing area is concentrated on the Archaean Witwatersrand Basin. The Witwatersrand basin, which has been mined for more than 100 years, has produced more than 41,000 tonnes of gold. Gold is the largest mineral foreign income earner in South Africa, contributing 27.4 per cent in mineral revenues. The gold industry is also responsible for 56 per cent of South Africa's mine labour force.
Correct!
South Africa has enormous gold ore reserves, estimated at 40,000 tonnes, representing 40 per cent of the global reserves. South Africa's main gold producing area is concentrated on the Archaean Witwatersrand Basin. The Witwatersrand basin, which has been mined for more than 100 years, has produced more than 41,000 tonnes of gold. Gold is the largest mineral foreign income earner in South Africa, contributing 27.4 per cent in mineral revenues. The gold industry is also responsible for 56 per cent of South Africa's mine labour force.

4. Which country has the largest monetary gold reserves?
a) South Africa
b) Australia
c) Neither

Wrong! Try again.
Wrong!
The correct answer is Neither.
As far as national gold reserves are concerned, the United States owns the most gold followed by Germany and the International Monetary Fund. If we include jewellery ownership, then India is the largest repository of gold in terms of total gold within the national boundaries.
Correct!
As far as national gold reserves are concerned, the United States owns the most gold followed by Germany and the International Monetary Fund. If we include jewellery ownership, then India is the largest repository of gold in terms of total gold within the national boundaries.

5. Geologists of which country recently discovered huge deposits of gold?
a) USA
b) China
c) Russia

Wrong! Try again.
Wrong!
The correct answer is Russia.
Russian geologist, Anatoly Zaitsev recently discovered huge gold deposits of around 1,000 tonnes in the southern region of Altai. Russia has been cited as one of the greatest unexplored gold regions and reportedly undiscovered reserves of various precious metals in northern Altai could be around 60 million tons. In addition Sukhoi Log, the second largest undeveloped gold deposit in the world could have around 1,029 tonnes of gold. Russia is now at the centre of attention of the big mining companies across the world. The earthquake-prone Altai region sprawls along Russia's border with Mongolia, Kazakhstan and China and is one of the country's biggest grain-producing areas
Correct!
Russian geologist, Anatoly Zaitsev recently discovered huge gold deposits of around 1,000 tonnes in the southern region of Altai.  Russia has been cited as one of the greatest unexplored gold regions and reportedly undiscovered reserves of various precious metals in northern Altai could be around 60 million tons. In addition Sukhoi Log, the second largest undeveloped gold deposit in the world could have around 1,029 tonnes of gold. Russia is now at the centre of attention of the big mining companies across the world. The earthquake-prone Altai region sprawls along Russia's border with Mongolia, Kazakhstan and China and is one of the country's biggest grain-producing areas

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Compiled by: Rediff Business Desk