First saw this on trader dan's blog. http://traderdannorcini.blogspot.com/2011/08/bank-of-korea-buys-gold-for-first-time.html more at http://www.cnbc.com/id/43977621
An interesting question is: where does Australia sit? Are we also holding less than a fart's worth of gold officially?
80 tonnes?! Judging by some of the comments in this forum, I reckon the golder stackers here hold more as a group. With apologies to Lucas Arts "Now my disappointment is complete" 80 tonnes (retires muttering and shaking head)
Hey Silverthorn Whadda reckon? That 2% unaccounted for on the Wiki page under World Gold Holdings 2008. Members of Silver Stackers???
If Australia REALLY wanted to get its hands a LOT of gold, all it has to do is direct the producers to sell to the Government instead of the open world market. We produce about 270 tons a year i think. Whe the world finally gets around ro a Gold Standard, I am sure they will do just that. OC
Have to agree OC. When it hits the fan, Government can be relied on to protect itself really, really quickly! :/
Simply dweadful those boating accidents. One weally shouldn't use precious metals for ballast. Simply tewwible, weally. :lol:
I suppose the big question is: Who else is buying on the QT? Russia has a lot of production. Where it going? And India and China love the stuff (and silver). Thats three of the four BRIC countries. What are the odds a suggestion for a gold/other PM backed international credit comes out of a BRIC country?
Hmm. Not unexpected given the Chinese tend to think in terms of generations. Wonder what their production is? And of course that effectively removes their production from the investment availability formula. And of course the encouragement of their citizens to buy/own/trade silver also has a historical context. Resulting in an export flow becoming an import flow. Someone once told me: "Watch the Jews. When they leave a country, its going down." Now I think I can add "Watch the Chinese. They hoard earlier than anyone else."
That's where the mining tax should go and stay in the form of gold bullion in the Reserve bank. The govt should not get there hands on the peoples money in my view. Our currency probably should be backed by gold some day and the Gov should be working on that and building up our reserves as part of standard practice. (They could do this quietly and then announce our position when the need arrives - currency crisis for example....) Perhaps gold should be introduced at the rate of inflation at the reserve bank as a measure to keep themselves in check, which due to the govs stimulus since 2008 is diluting our currency.
Id say quite high, certainly there aspiration to be the first to back there currency by gold (in which within the current climate would appreciate there currency greatly once the end game or first to the bottom is finished) or attain perhaps some sort of reserve currency status would be highly beneficial.
The total value of all gold ever mined would exceed US$7.5 trillion at $1500usd not even enough to get USA out of the Hole. if they had it ALL..
