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Economist magazine is out with a graphic of central bank gold reserves on a per person basis. What immediately stands out is Lebanon, ranked second after Switzerland.
Beiruit was the center of Middle East banking in the 1960s and 1970s. According to Economist, the central-bank governor of Lebanon Edmond Naim safeguarded the reserves through the civil war years and according to legend slept in the bank to protect the hoard. Also, note that the U.K. doesn’t make the top 20, thanks to Gordon Brown selling off 60% of gold reserves at around $300 per ounce.
Reprinted with permission from Economic Policy Journal.