Gold investors have been getting crushed lately.

China revealed that it was hoarding way less gold in its central-bank reserves than everyone previously thought, and a huge amount of gold was dumped on the market early this week during a two minute window.

But China isn’t the only country that isn’t excited about holding gold.

Back in May, the World Gold Council came out with its quarterly report on gold demand, which showed that demand dropped by 11 tonnes, or 1%, year-over-year.

“Global demand dipped by 1% to 1,079.3 tonnes in a generally quiet quarter,” according to the report. “Gold faced local challenges. Headwinds included economic slowdown and rally stock markets in China, and near-record local prices in Turkey.”

So, with this slip fall in gold demand, this chart from Morgan Stanley using WGC’s data shows which countries are still hoarding the biggest piles of gold:

July 23 COTD

As reported by Business Insider