Skip to comments.10 Countries Sitting On Gigantic Piles Of Gold
Posted on 10/08/2012 6:47:47 AM PDT by blam
10 Countries Sitting On Gigantic Piles Of Gold
Oct. 8, 2012, 6:44 AM
Gold prices have been supported by central bank gold purchases.
According to the World Gold Council (WGC), global central banks bought 157.5 tonnes of gold in the second quarter, up 63 percent quarter-over-quarter and up 137.9 percent year-over-year.
In fact, there is a school of thought that suggests euro zone members use gold as collateral for sovereign debt issuance to keep bond yields.
We put together a list of the countries with the biggest official gold holdings as reported by the WGC last week. We also included the percent of their foreign reserves they have in gold.
(Excerpt) Read more at businessinsider.com ...
1. USA - 8,134
2. Germany - 3396
3. Italy - 2452
4. France - 2435
5. China - 1054
6. Switzerland - 1040
7. Russia - 937
8. Japan - 765
9. Netherlands - 612
10. India - 558
I have found this website to be a very useful source of information on the economy, gold, and silver.
I don’t believe that the USA figure is factual. Why would I believe it? We just make stuff up.
The rise of the price of Gold is INEVITABLE IMHO.
With Europe EASING and the Fed doing QE3 (with no end in sight), currency debasement is all but assured.
Ask Spain how accumulating vast amounts of gold worked out for them.
Or gigantic piles of tungsten... :)
The dollar will be “reset”, and it will be a gold-backed currency.
This is how they will screw everyone holding FRN denominated money out of their wealth.
I wonder how much of it is fake?
On a per capita basis, the Swiss are far ahead, followed by the Netherlands.
It looks like Germany is actually #2 there.
Considering the size of their economies the figures for #2 through #6 are simply staggering. Like Texas or California owning similar amounts.
All of that gold, from all 10 countries, just barely covers the US budget deficit for FY2011.
Perhaps that tells you that Gold is WAY undervalued.
To me all the deficit spending is just deferred taxation, usually through inflation.
***I dont believe that the USA figure is factual***
Back in the 1970s many people believed there was little or no gold in Ft Knox. After lots of roadblocks, the vaults were opened and the gold was there! Wonder how much of it was really gold plated tungsten.
Which is = to 2,200 lbs.
Yep. The robbing of our posterity of their God-given, unalienable right to government by consent.
Spain wasted there gold in bad wars and bad polices—didn’t invest it in anything save for beautiful churches and cathedrals. We should learn from this!
Dang! Now I've got to re-weigh all my gold...I may have been off by 240 lbs...