Not really. Most central banks do not allow audits of their reserves but report these quarterly. As of September 2010 the US had 8,113 tonnes of gold in its reserves. In 1990 it had 8,146 tonnes. As you can see the difference is only 33 tonnes or 0.4% of its total gold reserves.solarv wrote:US Gold Reserve Has Not Been Audited Since 1950. How much gold left in there? That's everyone's guess!
105 tonne increase at end-2001 and further 100 tonne increase at end-2002 to take reported reserves to 600 tonnes. In April 2009 it was announced that gold reserves had increased by 454 tonnes since 2003, taking holdings to 1,054 tonnes. Its additional 659 tonnes is a 166% increase over 10 years.solarv wrote:China has been buying a lot of gold
166 tonnes sold in 1997, reducing reserves to 80 tonnes. A lot as a proportion (67.5%) of the 246 tonnes it had in the beginning.Splatted wrote:Australia has been doing a lot of selling, from what I've heard.
Increased from 333 tonnes at end 1990 to 398 tonnes at end 1995, then reduced to 358 tonnes in 1998. The nett difference of 25 tonnes is 7.5% more than what it started with.Splatted wrote:India's been doing a lot of buying (and driving up the price), as there are more and more middle and higher income families these days
WIMH - just because you report that you're a millionaire doesn't mean that you actually have a million dollars. There is a reason businesses are forced to undergo the pain and expense of audits - to enforce (some semblance of) the truthWind In My Hair wrote:Perhaps some facts will quell the scaremongering.
Not really. Most central banks do not allow audits of their reserves but report these quarterly. As of September 2010 the US had 8,113 tonnes of gold in its reserves. In 1990 it had 8,146 tonnes. As you can see the difference is only 33 tonnes or 0.4% of its total gold reserves.solarv wrote:US Gold Reserve Has Not Been Audited Since 1950. How much gold left in there? That's everyone's guess!
True, but just because you are not audited doesn't mean you're lying, or that the reported figures are plucked from thin air. I have nothing against auditing (apart from the trade-off with productivity when taken to excess). But for the US to report that it has 8000 tonnes suggests to me that the actual figure is somewhere in that ballpark, and that it is not practically gone as the implication seems to be.carteki wrote:WIMH - just because you report that you're a millionaire doesn't mean that you actually have a million dollars. There is a reason businesses are forced to undergo the pain and expense of audits - to enforce (some semblance of) the truth
Since before I was born (yes SMS, I'm that young!) so your post seems a little behind timescarbowl wrote:The US has been off the gold standard for some time.
Nothing to do with conspiracy theories, just economics. Today gold is a financial asset just like bonds. If you are American you should care about the US gold reserves because it affects the country's financial stability. At today's gold price of $44,272 per kilo, 8133 tonnes is worth about US$360 billion and comprises 72% of the Fed's total reserves. Here's why central banks hold gold.scarbowl wrote:I really couldn't care what amount of gold the Fed has or says it has. I'm not interested in someone's conspiracy theories about this or the World Trade Centers or who killed JFK.
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