The gold market ended 2014 on a strong footing: Q4 demand grew from 930.0t to 987.5t (+6%), according to the World Gold Council. The annual total of 3,923.7 tonnes was down 4% year-on-year – not surprising as consumer demand in 2014 was never likely to match 2013’s record surge. The current fundamental trends in the development of demand and supply are bullish for the gold prices (especially in terms of the euro – in 2014 the gold price in terms of the euro rose by 14%).

The full-year gold demand amounted to 3,923.7 tonnes, which means a 4% drop. It was caused by a 10% decline in jewelry demand. However, investors should be aware that the markets are quite emotional in the short run and can deviate from the fundamentals.

While gold has industrial applications, gold is a monetary asset and its prime driver is investment demand. We take a look at the top reported official gold holdings of individual countries (as of December 2014) based on information from the World Gold Council.