The gold price slumped to its lowest level in five years. Some analysts believe that China and Russia are the largest victims in the gold price slump as their gold reserve has increased significantly over the past six years.

Anbound's guest researcher, Zhong Wei holds a different view – the market value of gold slumped but the gold reserve did not evaporate. Moreover, China and Russia do not hold a lot of gold in their foreign reserve.

If such one-sided logic holds, then the countries which have suffered the biggest loss will be the United States followed by Switzerland along with other conservative European countries as these countries have more gold reserve.

India along with other countries with huge appetite for gold driven by its tradition and culture will see their people suffer loss due to the slumping gold price.