This Country Wants Everyone to Have 100 Grams of Gold

[SpacePete]

This Country Wants Everyone to Have 100 Grams of Gold

A landlocked nation perched between China and Kazakhstan is embarking on an experiment with little parallel worldwide: shifting savings from cattle to gold.

One of the first post-Soviet republics to adopt a new currency and let it trade freely, Kyrgyzstan's central bank wants every citizen to diversify into gold. Governor Tolkunbek Abdygulov says his "dream" is for every one of the 6 million citizens to own at least 100 grams (3.5 ounces) of the precious metal, the Central Asian country's biggest export.

"Gold can be stored for a long time and, despite the price fluctuations on international markets, it doesn't lose its value for the population as a means of savings," he said in an interview. "I'll try to turn the dream into reality faster."

In the two years that the central bank has offered bars directly to the population, about 140 kilograms of bullion have been sold, Abdygulov, 40, said by phone from the capital, Bishkek.

"We are hopeful that our country's population will learn to diversify its savings into assets that are more liquid and -- more importantly -- capable of retaining their value," he said. In rural areas, cattle is still the asset of choice for investors and savers, according to Abdygulov.

Kyrgyzstan has bucked a trend among central banks, the biggest owners of bullion, by stepping up buying even as its counterparts cut purchases in 2016 to a six-year low. Global combined bar and coin demand fell, according to the World Gold Council.

More: https://www.bloomberg.com/politics/...uild-nation-of-gold-bugs-on-ex-soviet-fringes

 

[Ipv6Ready]

Having a pumper in government hahahhha, I guess someone has to pay for the private gold mines the official get kick backs from.

 

[JulieW]

How cynical we've all become!

 

[Roswell Crash Survivor]

In 2013, the value of gold exports was $582.9 million, which accounted for 36% of total exports.

Source: US Geological Survey Report - http://minerals.usgs.gov/minerals/pubs/country/2013/myb3-2013-kg.pdf

One of the most famous natural resources of Kyrgyzstan is gold. There are several places around Kyrgyzstan with gold deposits: Talas Province, the area surrounding the Chatkal River, Makmal, and Kumtor Mine. Kumtor Mine is by far the most well-known site and is estimated to be the 7th largest gold deposit in the entire world. Gold is essential to the economy of Kyrgyzstan. Approximately 10% of Kyrgyzstan's GDP comes from it and gold constitutes 90% of all the mined natural resources of Kyrgyzstan.

Source: Prezi - http://prezi.com/6qwuvs0qxu2n/natural-resources-of-kyrgyzstan-that-will-surprise-you/

I'm guessing someone in Bishkek doesn't want all the gold just leaving the country as soon as it's out of the ground.

China, another major gold producer, has been promoting private gold ownership in recent years for similar reasons.

Stupidly fast growth in GDP per capita

GDP per capita (current US$) 2014 1267.1
GDP per capita (current US$) 2010 877.4
GDP per capita (current US$) 2005 480.9

Source: UN Data - http://data.un.org/CountryProfile.aspx?crName=Kyrgyzstan

 

[sammysilver]

$30 billion dollars.

 

[Ipv6Ready]

I'm guessing someone in Bishkek doesn't want all the gold just leaving the country as soon as it's out of the ground.

China, another major gold producer, has been promoting private gold ownership in recent years for similar reasons.

For Korea, amassing gold has been a time honoured tradition. I'm Korean and even now giving 24k gold rings to babies 1st birthday and other milestone dates is still very big in Korea.

Just how much gold is there in the world that is not accounted for, I would say 100,000s of tons.

Bearing in mind 227 tonnes of gold bullion were donated by the public to help the government pay off its debts. I remember reading in Korean news how astounded IMF was, that Korean had so much unaccounted gold, considering not everyone gave and those that did not everyone gave everything.

 

[SpacePete]

Just how much gold is there in the world that is not accounted for, I would say 100,000s of tons.

There is approximately 170 thousand tons of above ground gold, give or take several thousand. I highly doubt there are "100,000s of tons" more above ground and not accounted for. You are very good at pulling figures out of your arse

 

[Ipv6Ready]

Just how much gold is there in the world that is not accounted for, I would say 100,000s of tons.

There is approximately 170 thousand tons of above ground gold, give or take several thousand. I highly doubt there are "100,000s of tons" more above ground and not accounted for. You are very good at pulling figures out of your arse

Lol did you read what I wrote, also what credence do you give 170,000 ton figure?
Look at world gold council figures and that is just made up, ie maybe few hundred mines in the world even report their figures plus how much gold was dug during the gold rushes? If you were in a gold rush town do you think that prospector reported to officials that they got 50 ounces?

 

[SpacePete]

...what credence do you give 170,000 ton figure?
Look at world gold council figures and that is just made up, ie maybe few hundred mines in the world even report their figures plus how much gold was dug during the gold rushes? If you were in a gold rush town do you think that prospector reported to officials that they got 50 ounces?

A prospector with 50 ounces of gold is going to sell it eventually. Admit it, you are pulling numbers out of your arse and are now squirming.

 

[Ipv6Ready]

...what credence do you give 170,000 ton figure?
Look at world gold council figures and that is just made up, ie maybe few hundred mines in the world even report their figures plus how much gold was dug during the gold rushes? If you were in a gold rush town do you think that prospector reported to officials that they got 50 ounces?

A prospector with 50 ounces of gold is going to sell it eventually. Admit it, you are pulling numbers out of your arse and are now squirming.

of course they are going to sell the gold. A prospector is there to make money not die of old age with it.

The point is no one ever recorded. Yes it's a desirable metal but rare really anyone who wants it can get it.
Why would I be squirming? It's an opinion on the numbers that are reported by a marketing organisation like gold council. Ie it's an expression saying there is shit loads gold more than what is reported.

Do you believe what Debeers say about diamonds do you think they are rare?

 

[SpacePete]

Do you believe what Debeers say about diamonds do you think they are rare?

Do you understand the difference in rarity?

Diamonds: made from the 6th most common element in the universe and readily manufactured for industrial use.

Gold: produced in supernova nucleosynthesis from the collision of neutron stars.