Top 20 countries with largest gold reserves [Q1 2024]Why do countries keep gold reserves? Because gold reserves are critical for the economic stability of a country, acting as a reliable store of value, particularly during financial uncertainties. The gold standard was a global practice in the late 1800s and a significant part of the 1900s. In this era, countries backed the value of their paper money with gold by establishing a fixed exchange rate between their currency and a specific amount of gold. Essentially, each unit of currency issued had a corresponding value in gold, and individuals could exchange their paper money for actual gold at this set rate.
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