When it comes to gold reserves, Latin America is far from the world's top, which includes nations such as the United States and Germany with 8,133 and 3,352 tons, respectively.
Countries maintain gold reserves as a tangible backing for their national currency, which strengthens confidence in economic stability, especially during times of financial uncertainty. In addition, this metal allows for diversification of a country's assets, reducing dependence on other currencies or financial instruments and helping to mitigate the risks of fluctuations in international markets. It is also considered a safe haven against inflation and currency devaluation, thus protecting purchasing power and economic stability.
Latin American nations have low gold reserves when compared to some of the world's most economically important countries. As of December 2024, Brazil had 130 tons of the metal and ranked second among countries with the largest reserves in Latin America. Peru, for its part, ranks sixth in the region with 34.67 tons.
Which Latin American country has the largest gold reserves?
In 2024, Venezuela ranked as the Latin American nation with the largest amount of gold stored, reaching a total of 161 tons held by the Central Bank of Venezuela (BCV), according to information provided by Trading Economics (TE).
These gold reserves play a crucial role in Venezuela's economy, serving as a safeguard against the instability of its currency and the constant financial difficulties facing the country. A significant portion of these resources comes from the Orinoco Mining Arc, a vast territory with great mineral wealth that spans more than 111,000 km². Areas such as El Callao and the vicinity of the Cuyuní River are renowned for the excellent quality of the gold that is mined there, giving Venezuela a privileged position in the region.
However, despite this wealth, Venezuelan gold reserves have declined in recent years, influenced by economic and political factors. In 2011, the country had approximately 372.93 tons of gold. By 2018, this figure had fallen to 150.22 tons.
Gold reserves: This is the ranking for Latin America
Below, we share the top 10 Latin American countries with the largest gold reserves:
Venezuela: 161 tons
Brazil: 130 tons
Mexico: 120 tons
Argentina: 61.74 tons
Bolivia: 34.79 tons
Peru: 34.67 tons
Ecuador: 26.28 tons
Paraguay: 8.19 tons
Guatemala: 6.89 tons
Colombia: 4.68 tons
What is gold used for?
Jewelry and decorative objects: Thanks to its characteristic luster, malleability, and resistance to corrosion, gold is widely used in the manufacture of rings, necklaces, bracelets, and other adornments. Its ability to be molded into various shapes and alloyed with other metals allows for the creation of pieces of different shades and durability.
Investment and store of value: Historically, gold has been considered a safe haven in times of economic uncertainty. Investors purchase gold bars, coins, and certificates backed by gold as a way to preserve their wealth. In addition, central banks hold gold reserves to support the financial stability of their respective economies.
Electronics industry: Gold's excellent electrical conductivity and resistance to oxidation make it indispensable in the manufacture of electronic components. It is used in contacts, connectors, and integrated circuits in devices such as mobile phones, computers, and telecommunications equipment, ensuring efficient and durable signal transmission.
Medicine and dentistry: In the medical field, gold is used in treatments for certain conditions, such as rheumatoid arthritis, through compounds that help reduce inflammation. In dentistry, due to its biocompatibility and wear resistance, it is used in the manufacture of crowns, bridges, and dental fillings.
Aerospace industry: Gold plays a crucial role in space exploration. It is used to coat satellite and spacecraft components, protecting them from solar radiation and helping to regulate internal temperature. In addition, its conductivity ensures the proper functioning of electronic systems in extreme conditions.
Gastronomic and cosmetic applications: Although less common, gold is used in haute cuisine as an edible decoration in dishes and drinks, adding a touch of luxury. In cosmetics, it is incorporated into creams and facial treatments due to its supposed rejuvenating and antioxidant properties.
Glassware and ornamentation: Gold is used in the manufacture of special glass, such as reddish-colored glass, by dispersing gold particles in the material. It is also used in gilding to coat the surfaces of frames, domes, and other architectural elements, providing a luxurious appearance and protection against corrosion.
How much is a gram of gold worth?
The price of gold in Peru is as follows:
24-karat gold: approximately S/ 348.76 Peruvian soles per gram.
22-karat gold: around S/ 319.47 Peruvian soles per gram.
18-karat gold: approximately S/ 261.57 Peruvian soles per gram.
These values may vary depending on market fluctuations and the current exchange rate.
How can you tell if a piece of gold is genuine?
To verify if a piece of jewelry is genuine gold, the first thing you can do is look for some type of marking that certifies its authenticity. In many places, high-quality gold bears a mark indicating its purity, such as '18K' or '750', which correspond to 18-karat gold. These marks are usually found in inconspicuous areas, such as the inside of a ring or the clasp of a bracelet.
Another option is to test it on a ceramic stone. If you rub the gold on it and the mark left is dark, it indicates that it is real gold. If, on the other hand, the mark has a golden hue, the jewelry is probably not authentic. You can also use nitric acid, which is available at jewelry stores. Just put a drop on the jewelry; if the material is gold, it will not be altered. If it is fake, the surface will show damage.
A quick test to find out if a piece of jewelry is gold is to use a magnet. Gold is not magnetic, so if the jewelry is attracted to the magnet, it is probably not made of this metal. However, this test is not always conclusive, as some gold pieces may contain other metals that are not magnetic.
If you have access to a precision scale, you can measure the weight of the jewelry and then submerge it in water to calculate its volume. By comparing this data with the known values of real gold, you can get a clearer idea of its authenticity.
If you are still unsure about the validity of the jewelry, it is best to consult an expert who has the necessary tools to make an accurate assessment.
Alejandro Delgado Tong, Infobae