The World Economic Forum

How critical is gold in defining a country’s economic status?

Gold reserves of countries are stored in banks. Only a meager amount is worn by people as jewelery. Does accumulation of gold define a country’s economic status….if yes…then how?

more forex reserves (both gold and dollars) is useful in keeping the domestic currency high, or as collateral for borrowing, so it indeed has a bit of a positive impact.

It is not critical though, educated and hard-working workers matter much more, as is the smart and responsible government.

Back in middle ages, Spain made hoarding gold the primary goal of its Economic Policy; it resulted in sharp economic decline:

http://en.citizendium.org/wiki/Mercantilism#Mercantilism_in_Spain

I know gold is popular in India, but this is a cultural thing, not an economic one.

Congo Economic Status Report Analysis – Investment in Africa

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