Libyan leader Muammer Gaddafi is reportedly sitting on a 143.8-tonne $6.4-billion pot of gold - enough to pay mercenaries to fight for him for years.
The gold bullion - held by the Libyan central bank and controlled by Colonel Gaddafi - is among the 25 largest reserves in the world, the Financial Times reported, citing the International Monetary Fund.
They provide the 68-year-old Libyan strongman a lifeline after billions of assets held offshore were frozen by the United States and the 27 member states of the European Union.
Gaddafi's gold ... reportedly sitting on a one of the world's top reserves.
Gaddafi's gold ... reportedly sitting on one of the world's top reserves.
The gold reserves are believed to have been moved from the central bank in the capital, Tripoli, to another city such as Sebha in the south, which is near Libya's African neighbours Chad and Niger, after fighting broke out, the Times reported.
While bankers told the Times that international banks or trading houses were unlikely to buy any gold believed to be from Libya, Colonel Gaddafi may find buyers in Chad or Niger.
"If a country like Libya wants to make their gold liquid it would probably be in the form of a swap – whether for arms, food or cash," Walter de Wet, the head of commodities research at Standard Bank, told the Times.
The price of gold has risen recently, fuelled by growing instability in the Middle East and North Africa.
"If the dollar remains weak and we get further unrest in the Middle East, there is a very reasonable chance for gold to test the record high," Darren Heathcote, head of trading at Investec Australia, told Reuters.
Ousted Egyptian dictator Hosni Mubarak reportedly used the 18 days of protests against his rule to move his fortune - estimated at up to $64 billion - to untraceable accounts in Western countries.
Other countries buying large amounts of gold include Iran, China, Russia and India, the Times said.
The United States holds the world's biggest gold reserves - 8965.6 tonnes, according to the World Gold Council.
Other countries with massive stockpiles include Germany with 3749.8 tonnes, China with 1161.9 tonnes, India with 614.8 tonnes and Venezuela with 401.1 tonnes.