Consider the following statements:
Statement-I: Switzerland is one of the leading exporters of gold in terms of value.
Statement-II: Switzerland has the second largest gold reserves in the world.
Which one of the following is correct in respect of the above statements?

Question

Question

This question was previously asked in

UPSC Civil Services Prelims 2023: General Studies (SET - A - Held on 28 May)

Both Statement-I and Statement-II are correct and Statement-II is the correct explanation for Statement-I
Both Statement-I and Statement-II are correct and Statement-II is not the correct explanation for Statement-I
Statement-I is correct but Statement-ll is incorrect
Statement-I is incorrect but Statement-ll is correct

Answer 1

The correct answer is Option 3

Key Points

Statement I: Switzerland as a Leading Exporter of Gold
- Switzerland is indeed one of the leading exporters of gold in terms of value.
- Despite having no major domestic gold mines, it plays a significant role in the global gold market due to its expertise in gold refining and trading.
- The country is home to some of the world’s largest and most advanced refineries that specialize in refining raw gold into high-quality market-ready products.
- Hence, Statement I is correct.
Statement II: Switzerland's Gold Reserves
- While Switzerland does have significant gold reserves, it does not have the second largest gold reserves in the world.
- The United States holds the largest reserves, followed by Germany.
- Switzerland holds approximately 1,040 metric tons of gold, placing it behind several other countries, including the United States, Germany, Italy, and France.
- Hence, Statement II is incorrect.
Therefore, the correct answer is Option 3: Statement-I is correct but Statement-II is incorrect.