Posted on 11/26/2012 2:13:19 PM PST by Renfield
Somewhere deep in the bowels of the world’s Western central banks lie vaults holding gargantuan piles of physical gold bars… or at least that’s what they all claim. The gold bars are part of their respective foreign currency reserves, which include all the usual fiat currencies like the dollar, the pound, the yen and the euro.
Collectively, the governments/central banks of the United States, United Kingdom, Japan, Switzerland, Eurozone and the International Monetary Fund (IMF) are believed to hold an impressive 23,349 tonnes of gold in their respective reserves, representing more than $1.3 trillion at today’s gold price. Beyond the suggested tonnage, however, very little is actually known about the gold that makes up this massive stockpile. Western central banks disclose next to nothing about where it’s stored, in what form, or how much of the gold reserves are utilized for other purposes. We are assured that it’s all there, of course, but little effort has ever been made by the central banks to provide any details beyond the arbitrary references in their various financial reserve reports...
(Excerpt) Read more at sprott.com ...
“23,349 tonnes of gold in their respective reserves, representing more than $1.3 trillion”
Given the number of countries included, and the scale of their combined economies, that’s not much.
I saw a show on the H2 History Channel about a month ago where witnesses (guards working there) said Ft Knox was empty. I don’t know the veracity of it, but apparently no one from the “outside” has been allowed to look inside the vault for quite a while.
Its all been replaced by Chinese fake gold
Who knows, given the lying imbeciles currently infesting both finance and government?
Whatever the truth is, I look for the Obamadork to start sniffing at private gold.
FDR did it.
Which means that there will be one hell of a reset when digital fiat goes vapor and burns.
That’s about 8 percent of our national debt.Pretty grim.
In the USA, total cash equals federal debt equals GDP, each about $15T. Assuming the same for all other countries listed (for a very gross SWAG), and ignoring the IMF’s opaque holdings, that $1.3T in alleged gold is up against total currency of about $39T ... about 3% of cash has gold backing
- and that’s cash, not “money” which outnumbers real currency some ten-to-one.
The last time I checked the US only had a total of around 300 million Ounces of Gold in Reserves, Doubt it is there.
What’s going on with the U.S. hoard of cheese? We used to have stockpiles of cheese and would give it away to the poor. Does the cheese still exist?
I have a question: How many FReepers that have actual possession of their Gold, have tested it to ensure that what they hold is what they think they hold?
They have something better: machines that print money.
now don,t get me wrong, the metal is valuable in that it is pretty, malleable, conductive, ..etc. But to base the world economy on it???
I have no idea as to where this inane concept came from, but I guess it worked????
Only for those foolish enough to lend the debit. A real house of cards don’t you think?
Bruce Willis and Samuel L. Jackson discovered that all the gold was stolen and taken to Canada.
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