The great Aussie gold sell off

Discussion in 'Gold' started by Goldmember, Jun 2, 2011.

  1. Goldmember

    Goldmember Member

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  2. hiho

    hiho Active Member Silver Stacker

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  3. thatguy

    thatguy Active Member

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    "The central bank's justification for reducing its gold reserves so drastically was that gold represented a poor investment, and Australia had successfully integrated itself into global financial markets, and that it need not worry about access to those markets during a financial crisis.", smooth sailing :p
     
  4. rbaggio

    rbaggio Active Member Silver Stacker

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    Ahh yes, Costello and the 'barbarous relic'.
     
  5. Goldmember

    Goldmember Member

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    Yes "The Greatest Treasurer of our time" ~ Peter Costello (and thats what he would tell you)

    "I should have been Prime Minister" would be another one :0p

    "Wheres the Gold Pete?...YOU IDIOT!?" that would have been a handy 5 billion we could have had in the reserves...
     
  6. systematic

    systematic Well-Known Member

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    if you study ancient history - and i mean ANCIENT history you may find that the obsession with gold is fundamental in our human history and there are those elite families/bloodlines with very strong ties to acquiring it
     
  7. pixha

    pixha Member

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    ^Slave labour for our annunaki spacelords who needed gold for their quantum drives? or some such?
     
  8. systematic

    systematic Well-Known Member

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    i dont know about their quantum drives but gold broken down to its monoatomic form has allegedly remarkable properties including room temperature superconductivity according to some researchers

    makes for quite a story .......
     
  9. Argentum

    Argentum Well-Known Member

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    Those reserves are central banks reserves not really australian governments is it? Cause they are privately owned company, so if thats the case why does it say cost the country, shouldnt it say cost the company or cost the bank
     
  10. Dwayne

    Dwayne New Member

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    I dont believe that the australian reserve bank is private in the same way as the US federal reserve is.
     
  11. Argentum

    Argentum Well-Known Member

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    I thought they are all private
     
  12. Dwayne

    Dwayne New Member

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  13. fishball

    fishball New Member Silver Stacker

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    Conspiracy theorists think that RBA is privately owned but actually it's not... it's funded by the government but it's not a government department.

    Unlike the Fed which is a cartel of the biggest investment banks such as JPMorgan and so on...
     
  14. Argentum

    Argentum Well-Known Member

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    since the reserve bank is independent of the government can it not then sell of whatever it wants and leave the country in abig mess if the governor is wanting to do that, as he can claim its good for economy blah blah blah like bernanke
     
  15. Dwayne

    Dwayne New Member

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    How would that be different if it was controlled by the government? It could still do whatever it wants and leave the country in a big mess and claim it was good for the economy...
     
  16. pixha

    pixha Member

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    The RBA is owned by the Commonwealth ... it doesn't say which Commonwealth.
     
  17. fishball

    fishball New Member Silver Stacker

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    They answer to the parliament in Canberra. If they screw things up on purpose they'll be stuffed :D

    In theory they could screw up on purpose and f us all up but a new board is elected every few years so unlike Alan Greenspan and Bernanke, our folks up there in the RBA don't last that long and it probably won't be beneficial to them to screw us all up.

    Also I believe there are other departments which monitor the RBA such as the Dept Finance and Deregulation and generally government departments in Australia get audited a fair bit so it SHOULD be safe.
     
  18. Guest

    Guest Guest

    "EXPERTS"

    Just love that word!!
     
  19. thatguy

    thatguy Active Member

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    who'd we sell it to?? China? Russia? EU?
     
  20. Argentum

    Argentum Well-Known Member

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    not china not russia but your best friend for cheap. And then he scratches ure back
     

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