Shocking Figures: The Total Amount Of Gold In Human History Reveals Astonishing Numbers.
Money and Business Economy News – Follow-up Did you know that all the gold ever mined by humankind, from the beginning of history to the present day, could fit into a single cube measuring just 22 meters? Yes, gold is much smaller than you might imagine, but its value governs the global economy, according to a report by the World Gold Council.
By the end of 2024, humans had extracted 219,000 tons of gold, with the majority of this precious metal produced after 1950, meaning that the modern era produced most of the world’s gold.
Most importantly, gold does not deteriorate, which means that almost all the gold that was extracted still exists today, and perhaps the gold of the pharaohs is stored in the vaults of modern banks.
Read also Why are gold and silver prices jumping again?
When studying the global distribution of gold, we find that:
44% converted to jewelry
23% in bullion, coins, and investment funds
18% is owned by central banks
The remainder is used in industry and technology.
But the question for investors and economists remains: Will gold run out?
The globally known and recoverable reserves are estimated at only 55,000 tons, while the potential resources amount to 132,000 tons, but not all of them are mineable.
Therefore, gold remains a rare metal, which is the real reason why its value is pivotal in the global economy. https://economy-news.net/content.php?id=65862
Trump’s Tariffs Will Take Effect On February 24 Despite The Supreme Court Ruling.
Money and Business Economy News – Follow-up The White House announced on Saturday that the new tariffs imposed by US President Donald Trump will take effect on February 24 and will remain in place for 150 days.
The White House said in a statement: “The decree imposes, for a period of 150 days, import duties of 10 percent on goods imported into the United States, and the temporary tariffs will take effect on February 24 at 12:01 a.m. Eastern Time.”
Trump had previously announced that he had signed an executive order imposing a 10 percent trade tariff on all countries.
The U.S. Supreme Court ruled on Friday, by a vote of 6 to 3, that President Donald Trump is not authorized to impose global tariffs under the International Emergency Economic Powers Act (IEPA).
Trump described the ruling as “very disappointing,” accusing the court of being subservient to “foreign interests,” and asserting that “all tariffs related to national security remain in effect.”https://economy-news.net/content.php?id=65889
1.085 Million Dinars For 21-Karat Gold… A New Rise In Gold Prices In Local Markets
Money and Business Economy News – Baghdad The markets of the capital Baghdad and Erbil witnessed a rise in the prices of foreign and Iraqi gold on Saturday, coinciding with the start of the weekly trading.
In Baghdad, gold prices in the wholesale markets on Al-Nahr Street recorded a significant increase, as the selling price of one mithqal of 21-karat Gulf, Turkish and European gold reached about 1.085 million dinars, while the buying price reached 1.081 million dinars, after it had recorded 1.073 million dinars at the end of last week.
As for Iraqi gold, 21 karat, the selling price reached 1,055,000 dinars per mithqal, and the buying price was 1,051,000 dinars.
In goldsmith shops, the selling price of a mithqal of 21-karat Gulf gold ranged between 1,085,000 and 1,095,000 dinars, while the selling price of a mithqal of Iraqi gold ranged between 1,055,000 and 1,065,000 dinars, according to the difference in crafting and manufacturing fees.
In Erbil, gold prices also rose, with the selling price of 22-karat gold reaching about 1,163,000 dinars, 21-karat gold reaching about 1,110,000 dinars, while the price of 18-karat gold reached about 952,000 dinars.
Goldsmiths rely on a formula that includes the price of an ounce in global markets and the dollar exchange rate in the local market to determine prices, which makes prices subject to change according to the movement of international markets and the price of the currency.
It is worth noting that gold prices had exceeded the one million dinar mark per mithqal last January, in a precedent that is the first of its kind in the local Iraqi markets . https://economy-news.net/content.php?id=65896
Russia Sells 300,000 Ounces Of Gold As Prices Hit A Record High
Money and Business Economy News – Follow-up Russia’s central bank sold about 300,000 ounces of gold from its reserves during January, taking advantage of prices reaching record levels.
Data published on Friday showed that Russia’s total gold holdings fell to 74.5 million ounces, the first decline since last October, according to Bloomberg.
Gold prices hit a record high last month, averaging nearly $4,700 an ounce, meaning the sale could have generated around $1.4 billion if executed at prevailing market prices.
According to the Russian Central Bank, the move comes within the framework of what is known as “mirror” operations, which are related to the Ministry of Finance selling assets of the National Welfare Fund, to compensate for the decline in oil and gas revenues amid a widening budget deficit.
During the first two months of 2025, the ministry spent about 419 billion rubles ($5.5 billion) from the fund through the sale of gold and foreign currency.
Despite the reduction in quantities, the total value of Russia’s gold reserves rose by 23% in January to $402.7 billion, driven by higher global prices.
Since the start of the war on Ukraine in 2022, rising gold prices have provided significant financial support to Moscow, given that a large portion of its foreign currency assets in Europe are frozen. https://economy-news.net/content.php?id=65893
New Rise In Dollar Prices In Local Markets
Money and Business Economy News – Baghdad The exchange rate of the US dollar rose this morning, Saturday, in the markets of the capital, Baghdad and Erbil, coinciding with the opening of weekly trading.
In Baghdad, the price of the dollar in the main exchanges reached 152,700 Iraqi dinars per 100 dollars, compared to 152,300 dinars per 100 dollars at the close of trading last Thursday.
Selling prices in local market exchange shops reached 153,250 dinars for every 100 dollars, while the buying price reached 152,250 dinars for 100 dollars.
In Erbil, the selling price was recorded at 152,900 dinars per 100 dollars, while the buying price was 152,800 dinars per 100 dollars. https://economy-news.net/content.php?id=65892
The United Nations Circulates Iraq’s Maritime Coordinates Following Their Deposit In Accordance With The Law Of The Sea Convention.
Money and Business Economy News – Baghdad The United Nations published a map of Iraqi maritime areas following its official deposit by the Republic of Iraq, based on the provisions of the 1982 United Nations Convention on the Law of the Sea.
According to a notification issued by the United Nations bearing the reference (MZN172.2026.LOS) and dated 18 February 2026, Iraq, on 19 January and 9 February 2026, deposited lists of the geographical coordinates of the points, accompanied by an explanatory map, in accordance with Article 16, Paragraph 2, Article 75, Paragraph 2, and Article 84, Paragraph 2 of the Convention.
The deposit relates to determining the straight baselines and the baselines emanating from the heights of the islands to measure the breadth of the territorial sea, in addition to determining the territorial sea, the contiguous zone, the exclusive economic zone and the continental shelf of the Republic of Iraq, with the adoption of the 1984 World Geodetic System (WGS-84) as a reference for the adopted coordinates.
The document explained that the new filing replaces previous filings dating back to 2021 and 2011, while the lists of coordinates and the explanatory map were published on the website of the United Nations Division for Ocean Affairs and the Law of the Sea, in accordance with the approved procedures.
For its part, the Iraqi Ministry of Foreign Affairs confirmed that the deposit came in implementation of Cabinet Resolution No. (266) of 2025, which approved the map of Iraqi maritime areas prepared by a specialized technical and legal team, based on technical studies, hydrographic measurements and relevant international agreements.
The ministry stressed that the step comes within the framework of establishing Iraq’s maritime rights in accordance with international law, while respecting the rights of the countries of the region, and in a way that enhances security, stability and freedom of navigation in the region. https://economy-news.net/content.php?id=65903
Iraqis Ranked Fifth Among Nationalities Who Bought The Most Real Estate In Türkiye During The Month.
Money and Business Economy News – Follow-up The Turkish Statistical Institute announced on Saturday that Iraqis ranked fifth among the nationalities that purchased the most real estate in Türkiye during the month of January.
The agency stated that total home sales in Türkiye decreased by 2.1% during January compared to the same month of the previous year, recording 34,069 homes.
She added that home sales to foreigners also declined by 20.8% compared to the same period last year, reaching 1,306 homes, representing 1.2% of total home sales in the country during the month in question.
The agency noted that Russians topped the list of nationalities buying real estate in Turkey during January with 219 homes, followed by Iran in second place with 118 homes, and then Ukraine in third place with 77 homes.
The United Kingdom came in fourth with 75 homes purchased, followed by Iraq in fifth place with 74 homes, China in sixth with 73 homes, and Azerbaijan in seventh with 54 homes. Palestine ranked eighth with 40 homes, Afghanistan ninth with 38 homes, and Kazakhstan tenth with 29 homes.
It is worth noting that Iraqis topped the list of nationalities that bought the most homes in Turkey since 2015, before their ranking dropped to second place after Iran at the beginning of 2021, then to third place since April 2022 after the Russians topped the list of buyers, before settling later in fifth place according to the latest data.https://economy-news.net/content.php?id=65899
The Iraqi Trade Bank Announces The Granting Of Loans For The Solar Energy Initiative.
Banks The Trade Bank of Iraq (TBI) announced on Friday that it has begun granting solar energy loans to employees who receive their salaries through the bank, while also confirming its continued financing of industrial projects and investment power plants.
TBI Chairman Bilal Al-Hamdani stated, “The bank has granted solar energy loans to employees who receive their salaries through the bank as part of its commitment to supporting alternative energy projects and reducing pressure on the electrical grid.”
He explained that the bank’s branch network is limited, as it primarily deals with institutions and business owners, in addition to employees who receive their salaries through the bank. He noted that the bank finances most investment power plants for investors and will continue to do so.
He added that the bank is committed to supporting industrial business owners, particularly those with existing industrial projects within Iraq and those in the food and pharmaceutical security sectors. He clarified that this support is provided through loans based on technical and economic feasibility studies.
He emphasized that the bank finances up to 75% of the value of an industrial project, provided that the approved terms and conditions are met. He pointed out that the lending mechanisms are clear and implemented in all branches, and that the bank has already financed a significant number of industrial projects in the recent period.https://economy-news.net/content.php?id=65875
