All the world’s gold amounts to only 165,000 metric tons. Many of us have heard of mythical cities of gold when the Spanish reached North, Central and South America. But the truth is that the Spanish only got 154 metric tons of gold from these sources.
Traditions haven’t changed in some areas of the world for centuries. India has continued to celebrate its extravagant festivals, weddings and celebrations. India remains one of the largest consumers of gold. In 2010, India consumed 745.7 metric tons of gold, primarily in jewelry. Gold is the best friend of those in a festive mood. Jewelry consumes 52% of all of the gold each year.
The primary gold mines have already been used up. It is more difficult to find gold now. This has been reflected in the decade-long bull market for gold running from 2002 to 2012. When people are uncertain and inflation is increasing, wise investors turn to all that glitters: Gold.
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