Libya guns for the right sort of gold
Here’s been so much criticism of central bankers lately that I think it’s only fair to point out when one group of them has done the right thing, or, at least, served their client well. The Central Bank of Libya was reported to have accumulated more than 140 tonnes of gold reserves by the time the civil war/ Nato kinetic action started this year. Not remarkable in itself, but it’s all in the execution, and the CBL did it the right way.A typical MBA-run establishment central bank will own 400 ounce (12.4 kilo) bars, held in the vaults of the Federal Reserve Bank of New York, the Bank for International Settlements, or one of the members of the European System of Central Banks. Those are difficult to get back in the event of hostilities, UN embargoes and so on. Furthermore, once you get physical possession, the “London Good Delivery” bars are, in effect, giant coins with a denomination of more than $600,000. It is difficult to use them to pay for smuggled arms shipments and gasoline, or mercenary companies. The sellers often don’t have correct change, and are hardly ever set up to accept mini-ETF shares.
Gold Reserves By Country - News
The Central Bank of Libya was reported to have accumulated more than 140 tonnes of gold reserves by the time the civil war/ Nato kinetic action started this year. Not remarkable in itself, but it's all in the execution, and the CBL did it the right way
“Not one troy ounce” of the extensive US gold reserves has been legally encumbered to another country or entity, said Eric Thorson, inspector general for the US Treasury Department. Thorson, appearing before a US House panel today, tried to assuage the
What happens when a country previously hindered by vastness and foreign rule awakens to wealth on its doorstep? With Louis Vuitton on one corner and one of the world's largest gold deposits down the road, the previously nomadic society of Mongolia is
THE COUNTRY'S biggest miner, Philex Mining Corp. yesterday said its Silangan project in the province of Surigao del Norte is estimated to contain copper and gold reserves worth at least $22 billion, with exploration works in the adjacent mine expected
Meanwhile, Zhang suggested that the government should increase its gold reserves. By the end of last year, China ranked sixth globally in gold reserves, with 1054 tons. It lags far behind the US, the country with the largest reserves, with 8134 tons.
Don't Buy Gold?
If you believe paper money will be a safe store of value for your wealth:
Don’t Buy Gold
After all, the banks and their financial consultants keep telling us that gold has no value in the modern financial world. Why then don’t they sell off all their gold reserves?
Percentage of ‘reported’ National Bank Reserves by country in tones of gold:
United States 8,133.5 tones = 68.7%
Spain 281.6 tones = 34.6%
Germany 3,407.6 tones = 64.6%
China 1,054.0 tones = 1.5%
Italy 2,451.8 tones = 63.4%
Japan 765.2 tones = 2.4%
France 2,435.4 tones = 64.2%
Russia 607.7 tones = 4.7%
Switzerland 1,040.1 tones = 28.8%
India 557.7 tones = 6.4%
Netherlands 612.5 tones = 51.7%
Taiwan 423.6 tones = 4.1%
Portugal 382.5 tones = 83.8%
Singapore 127.4 tones = 2.3%
Austria 280.0 tones = 52.7%
South Korea 14.4 tones = 0.2%
If all these country’s central banks increased their gold holdings by a measly 2.5% over the next 10 years (as many have recently said they will do), this would be over 25,000 tonnes of gold…More than the projected 10 year peak gold production capacity…Of course, if the fait dollar was healthy, they would have no need to back it with any gold reserves…No wonder the central banks don’t want you to own gold… They need all of it for themselves!
Maybe you live in a special place and you have ‘magic money’ that doesn’t need asset backing such as gold? Perhaps you know something better than top hedge fund managers like John A. Paulson who are investing heavily in gold and silver so they can make HUGE profits against our ever devaluing dollars.
John A. Paulson’s latest foray says a lot about how he intends to further multiply his own net worth, as well as that of his clients. “That foray will focus on gold”, he said during an address to the Japan Society in New York earlier this month. “As an investor, I became very concerned about having my assets denominated in U.S. dollars,” Paulson told his audience. “So I looked for another currency in which to denominate my assets in. I feel that gold is the best currency .” As of June 30th 2009, gold and gold-related assets accounted for 46% of the Paulson firm’s total holdings – a colossal position that flies in the face of traditional portfolio-diversification theory and position sizing. Yet, I expect this will help him generate a brand new “greatest trade ever.
Gold Reserves By Country - Bookshelf
Preparedness and America's international program
With the domestic currency based upon gold reserves, it is obvious that the entire credit system of each country is based upon those reserves. ...Annual Report of the Executive Board for the Financial Year Ended April 30, 1995.
Gold reserves now account for only 23 percent of total reserves, ... reserves was distributed across all of the country classifications in the table. ...Proceedings of the ... annual convention of the American bankers' association
why nearly all the banking laws in this country, and many of the ... GOlD RESERVES AND REDEMPTION. If a bank note system is both elastic and secure we have ...Commerce monthly, a journal of commerce and finance
Reserve Country Notes Gold Percentage (in millions) United States (July 1. ... banks of each country are also a charge upon their respective gold reserves. ...The French international accounts, 1880-1913
In the gold losing country as in the gold receiving country a long period may thus elapse before the increased or decreased gold reserves would affect ...Detect News Directory
Gold reserve - Wikipedia, the free encyclopedia
A gold reserve is the gold held by a central bank or nation intended as a store of value ... The gold listed for each of the countries in the table may not be ...
Largest Gold Reserves by Country - Seeking Alpha
22 comments | by: TraderMark October 13, 2009 | about: GLD ... An interesting slideshow on CNBC.com listing the largest gold reserves by country (or institution) ...
Fund My Mutual Fund: Largest Gold Reserves by Country
An interesting slideshow on CNBC.com listing the largest gold reserves by country (or institution) ... of European countries foreign reserves are in gold (Portugal! ...
Who has the largest gold reserves?
The largest reserves of gold in the world belong to the United States of America. ... Gold Reserves by Country. While most gold in the world is held in private hands, a ...
The World's Biggest Gold Reserves - Seeking Alpha
But the numbers vary greatly as a percentage of each country's reserves. ... country's reserves, which were reported at 2,451.8 tonnes of gold by the World Gold ...