Switzerland owns the most official-sector gold of any country relative to its population, points out investor and newsletter writer Dennis Gartman in his daily report. The most frequently cited data in the press is outright tonnage. World Gold Council data show the U.S. is most with 8,133.5 metric tons, followed by Germany, 3,384.2; International Monetary Fund, 2,814; Italy, 2,451.8; France, 2,435.4; Russia, 1,149.8; and China, 1,054.1. However, Gartman points out the picture is different when looking at how much each country holds per million people. Using this metric, Switzerland is on top with nearly 129.9 tons per million people, according to data the WGC provided Kitco News on Friday. Others in the top five include Germany, 41.9; Italy, 41.1; France, 38.3; and the U.S., 25.7. Even with recent purchases, Russia has only 8.1 tons per million people. “As for China, it has only — and we truly mean ‘only’ — 1 ton of gold/million people,” Gartman says. More precisely, the WGC put this at 0.8 ton.
