If you are interested in gold investing, you might be wondering where the best places are to buy and store the metal. There are several great places to invest in gold, including Switzerland and the United States. New York, for example, holds the largest stockpile of gold in the world. London is another top choice. And if you don’t want to pay high taxes, Washington is one of the best states to invest in gold.
New York holds the largest stockpile of gold in the world
New York is home to the largest stockpile of gold in the entire world, according to the Federal Reserve Bank. The rest is held by foreign countries. As gold’s price continues to rise, banks and governments are increasingly investing in the precious metal. The Federal Reserve Bank of New York is one of the four designated gold depositories of the International Monetary Fund (IMF). As of December 2016, the IMF held more than 690 million ounces of gold in the United States.
The IMF and the Bundesbank hold over 2,000 tonnes of gold in the New York Fed vaults. In 2013, the IMF on-market sales likely came from non-US stock. India purchased 200 tonnes from the IMF. But India does not have any gold in New York. The IMF would have used London Good Delivery Gold instead of the gold in New York for these sales.
Switzerland is a good place to store gold
Switzerland is a good place to store gold for a variety of reasons. The country has a long history with gold, and is home to some of the world’s most renowned bullion refineries. Many bullion storage companies also choose Switzerland as a place to store their customers’ gold.
Another benefit of Switzerland is that it is a safe place to store for the top gold IRA companies. The country has an extensive and well-organized system for vaulting precious metals. As a result, many Swiss citizens maintain a part of their portfolio in precious metals. The country has some of the safest vaults in the world, and this makes it a great place to store gold.
Another reason that Switzerland is a good place to store gold is the country’s economic stability. The country is well-known as a safe haven for precious metals, and there are local companies that offer storage and vaulting services. There are many different options for storing gold in Switzerland, and many of them are cost-effective and convenient. You can choose between standard allocated storage and individual storage. The first type of storage is a common and cost-effective option. The second option is a more private option. You can also store your bullion in a collective vault area, which is incredibly secure.
London is home to the largest amount of gold in the world
While governments and banks store 32% of the world’s gold reserves, more than half of it is used for jewellery. China and India account for most of the world’s gold demand, with every Indian wedding requiring an average of 30 to 40 grams of gold. The recent volatility in the global gold market has led to an uptick in interest in gold as an investment. The first high street gold showroom in London opened in January.
The bulk of gold is stored in vaults underneath the City of London. The gold is stored on two floors, which prevents the vaults from sinking into the city’s clay. Other smaller commercial vaults are located inside the M25 and around the Heathrow Airport. One of the largest, the ICBC vault, holds 2,000 tonnes of gold and took a year to build.
Washington is among the most tax-friendly states in the US
Washington is one of the most tax-friendly states in the US when it comes to investing in gold. Unlike most other states, Washington doesn’t require residents to pay their entire income in taxes. Washington residents who earn less than $30,000 per year pay only 18% of their income. However, high earners pay a lot more. This is known as “regressive” taxation. Washington’s tax laws penalize low-income earners more than high-income earners.
Many people are concerned about the future of their retirement funds. While they have the option of sending money to Wall Street brokers, they aren’t confident in the future of the financial institutions they use. Investing in gold or silver may be the solution for them. These metals are non-correlated and are a key to true diversification.
Elko is home to the largest amount of gold in the US
The mining process in Elko, Nevada, involves grinding ore into a fine powder, and percolating it with a weak cyanide solution. It is then poured into bars called dors, which are roughly the size of a loaf of bread and weigh up to 60 pounds. The bars are then shipped to refineries, where they are turned into bullion, or gold coins. The gold is then sold to banks.
Before the gold rush, Elko was primarily a transportation hub. It was the main stop between Salt Lake City and Reno, and was part of the transcontinental railroad, which linked the east and west. It was also a part of the California Trail, and in the mid-1800s, the ill-fated Donner Party stopped in Elko to make the trek west. Today, the Union Pacific railroad still operates a large main yard outside of town, where maintenance and switching crews live and work.