What I find disappointing is to see how Pathetic our(Oz) Gold Holdings are, for a country that has been producing Gold for a long time. Talk about a travesty to flog off 167 tonnes back in 1997 at a 11 yr low. "The decision to sell the reserves was approved by then RBA governor Ian Macfarlane and then treasurer Peter Costello." http://www.theaustralian.com.au/new...sale-cost-us-5bn/story-e6frg6nf-1225985231872 "A board paper recommending the decision to sell conceded that gold served as "insurance against a breakdown in the international financial system", but it then dismissed the need for holding this valuable asset. The paper has been obtained by The Australian under Freedom of Information laws."
The most interesting to me is not China, not the USA, but the IMF's gold holdings! Suppose the IMF has even more gold stacked away somewhere and one day they announce they're the top holder of gold reserves in the World!
Based on jokes, rumours... Yeah right, and: Elvis is alive :lol: Stored away somewhere and "too secret" is worthless. I don't personally believe there is such a thing as a tremendous amount of gold hidden somewhere. If you have a lot of gold, you want to use it. Lend it, sell it, back (at least partially) your currency with it, mass-produce jewelry and sell it...
...and build Mao statues: ...mini versions (terribly expensive by looking at the sizes!) are also available:
I'm pretty sure the reserve % is the portion of value their gold represents to their total fiat currency reserves in the fractional reserve banking system (not the mining reserve meaning). And almost all of the rest would be USD, the greenback. This is above ground, institutional gold in vaults and is not counting privately owned, a very large portion. And yeah, I too call BS on that China figure. Maybe per shipment, lol. But then again, it could be private buying and nothing to do with sovereign funds.
First question no. A part of the rest is. 1,054.1 tonnes gold or 33,890,076 ounces. Let's snag a gold price of $1250 per ounce. Golds dollarvalue is then 42,36 billion dollars. https://en.wikipedia.org/wiki/List_of_countries_by_foreign_exchange_reserves People's Republic of China[1] 3,726,004 million (USD value) http://www.safe.gov.cn/wps/wcm/conn...ERES&CACHEID=11ea20804f5a09699f879f219f90791c So China's gold is 1,1% of its Forex reserves. That's what FOReign EXchange Reserves is. China also has euro's, yen, sterling and other currencies in its Forex Reserves.
Gold reserves are not foreign exchange reserves. They only diverge from the greenback reserves for hedging purposes. All currencies are backed by the USD. http://en.wikipedia.org/wiki/Fractional_reserve_banking I'm beginning to suspect you're the local troll here Pirocco...
