And this is part of the the reason we're all screwed: http://www.theaustralian.com.au/new...sale-cost-us-5bn/story-e6frg6nf-1225985231872
Would not trust them poms as far as i could throw them. I suppose that Bothom bloke is in charge of it all. .....and if the RBA wants another 260 tons a year of the stuff all it has to do is ring up the mine and say send it over - or else! OC
Who in their right mind does not regularly audit any items that they have when those items are held by others and perform a PROPER audit at that. The first thing any professional is taught is to trust noone but yourself. Check and double check other's work. Here we are trusting billions to a bank. Tell you what .. I will hold the 80kg for you Australia. It will always be here so no need to check at all.
I wonder if we will be able to get any politician interested in getting the RBA to bring home at least 50% of Gold back home. Perhaps Turnbull? Rudd?
http://www.hangthebankers.com/austr...medium=rss&utm_campaign=australia-has-no-gold Read something similar - what is scary is the 1953 Gold Confiscation laws ! SCARY ! With what very little I have - I do not want the current Former Secretary of the Australian Communist Socialist Forum to obtain possession by theft.
They sold it along with England to announce a bottom in the gold market, allowing big financial institutions to buy up and reap an even bigger profit. Anyway doesn't this make confiscation seem more likely?
Thankfully we have decent in-ground stock of gold, so we could potentially mine some for ourselves, China style. 80T is not really that much either compared to other countries. An interesting contrast - we rank 36th in the world for gold reserves: http://forums.silverstackers.com/forum-67-current-affairs.html Yet we have the worlds 5th most traded currency: http://en.wikipedia.org/wiki/Foreign_exchange_market#Trading_characteristics And the 18th largest economy: http://en.wikipedia.org/wiki/List_of_countries_by_GDP_(PPP)#Lists So you could say, Strayan's love their fiat! (no not this kind: )
Allegedly, Germany's Bundesbank held their gold in the UK and when the Germans asked for it back, it just "dissappeared" According to news, the British then bought some gold for the Bundesbank (as compensation). I'm not 100 % certain if the news is correct, but I'll check some more sources. If governments and national banks store gold that "safely", how much can you trust banks, bullion storage firms who "promise to keep your gold safe"? :/ I bet they give you a "locker" like in highschool, then they give you a key and a "secretary-type" lady comes up to you and tells you: "we promise to keep it safe, cross my heart!" :lol: Then you go home and tell your family... "hey, they promised, so it they promise, it must be safe!" I say: don't trust anyone to keep what's yours! Australia is big enough to build lots of "secret storage facilities"... Australia is one of the least threatened countries from this point of view, but they chose to "hide it" in the UK? New Zealand is closer: friendly neighbors, plenty of clouds just like in England, beautiful scenery. Honestly: New Zealand is closer and safer. It's more remote. It's so much "down-under", peaceful and quiet, that Britain should bring their gold over there! It's typical for European countries to hold their gold in New York and in the UK vaults. By the way, Germany and Australia are just two among the first cases. I think more countries will "wake up" too late! At least Australia has immense gold reserves! Its own gold mines... Can compensate for "potential losses", in case the English vault "forgets" in which vault they put it... ("ooops, we forgot where we put 80 tons!") I say: everyone keep their gold to themselves!
