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Missing GOLD?

 
shibumi2
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User ID: 74188
United States
11/28/2006 07:19 PM
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Missing GOLD?
There has been speculation for years that Fort Knox is empty. Now the same is being stated regarding the Australian Cewntral Bank Gold Reserves

Is the RBA gold vault empty?

From unofficial statements made by various RBA staff, all of the gold is out on loan.

How did the RBA get into a position where the gold holding on their financial statements, stated to be 79.8 tonnes, doesn’t really physically exist?

As usual for central banks, in the past the RBA have been loaning their gold to fund things like mine development with the view that the lender would deliver the gold back to the bank at a later date.

If the gold price goes up, the lender is better off to repay the loan in cash rather than bullion.

For accounting reasons, the RBA still has almost 80 tonnes of gold, but it’s really only paper gold

Example:

In 1999, ABC mining needs $30 million to fund the development of their new mine.

The RBA lends ABC Mining $30 million worth of physical bullion from their vault (100,000 oz) at $300 per ounce plus interest (usually about 1.5%) for 5 years.

ABC Mining takes delivery of the bullion (100,000 oz) and sells it on the market at the spot price ($300/oz in 1999) to raise $30 million and fund their mine development.

In 2004 ABC Mining needs to repay the gold loan, but the spot price for gold has risen to $600 per ounce. Instead of delivering 100,000 oz of bullion back to the bank (value $60 million) they pay the loan out with cash, plus the interest.

The World Gold Council states that in countries around the world, the official gold holding of central banks is almost 30,000 tonnes of gold in reserve, but the question remains, how much is really there (physical gold not paper gold for accounting reasons)?

Gold Report Australia
Redheaded Stepchild

User ID: 160010
United States
11/28/2006 08:19 PM
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Re: Missing GOLD?
Criminy!
"Until you are willing to organize your friends and neighbors and literally shut down cities - drive at 5mph through the streets of major cities on the freeway and stop commerce, refuse to show up for work, refuse to borrow and spend more than you make, show up in Washington DC with a million of your neighbors and literally shut down The Capitol you WILL be bent over the table on a daily basis." Karl Denninger

Don't blame me; I voted for Ron Paul.


Silence is consent.
paladin

User ID: 163887
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11/29/2006 08:41 PM
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Re: Missing GOLD?
Now India is talking about diversifying forex into gold




[link to www.gata.org]
paladin

User ID: 163887
United States
11/29/2006 08:43 PM
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Re: Missing GOLD?
yesterday..


However, after dropping $7, gold managed to keep its losses to a minimum due to HUGE buying coming out of India.
Anonymous Coward
User ID: 163775
United States
11/29/2006 08:53 PM
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Re: Missing GOLD?
so what did happen to the gold and silver under the wtc?

and what happened to the truckloads of gold bars from saddam's palace?

it's all got to be going and being saved somewhere?
Anonymous Coward
User ID: 9237
United States
11/29/2006 08:59 PM
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Re: Missing GOLD?
the Jews?

so what did happen to the gold and silver under the wtc?

and what happened to the truckloads of gold bars from saddam's palace?

it's all got to be going and being saved somewhere?
 Quoting: Anonymous Coward 163775
Anonymous Coward
User ID: 163775
United States
11/29/2006 10:54 PM
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Re: Missing GOLD?
the Jews?
 Quoting: Anonymous Coward 9237

if so...where are they keeping it?

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