Libya holding huge gold reserves

CoinCrazyPA

Link Interesting read.

BigMoneyLewis

Remember what that shiek said last month, something to the effect that if Silver ever drops below $ 30 oz again, he was personally going to use $ 300
Billion of his own money to buy, and take physical delivery . Is their even that much physical available ? I don't think so.


Lewis

CaptHenway

<< <i>Remember what that shiek said last month, something to the effect that if Silver ever drops below $ 30 oz again, he was personally going to use $ 300
Billion of his own money to buy, and take physical delivery . Is their even that much physical available ? I don't think so.


Lewis >>



The Shiek Of The Burning Sands?

BigE

Maybe we will actually get to see how gold works in a SHTF scenario!-------------------BigE

Justacommeman

I keep waiting to see some of it show up the BST but nothing yet. Then again, piecesofme would have already alerted us by throwing a red flag on the new poster here, there and everywhere. Low post counts suck.

MJ

Steve27

Well he saved $1.5B by forcing the oil companies to pay his Lockerbie debt:

"Oil companies paid Libya’s $1.5 billion fine for Lockerbie attack

7:44 am March 24, 2011, by Jay

Here’s a nice little case study for a business-school ethics class, courtesy of the New York Times:

WASHINGTON — In 2009, top aides to Col. Muammar el-Qaddafi called together 15 executives from global energy companies operating in Libya’s oil fields and issued an extraordinary demand: Shell out the money for his country’s $1.5 billion bill for its role in the downing of Pan Am Flight 103 and other terrorist attacks.

If the companies did not comply, the Libyan officials warned, there would be “serious consequences” for their oil leases, according to a State Department summary of the meeting.

Many of those businesses balked, saying that covering Libya’s legal settlement with victims’ families for acts of terrorism was unthinkable. But some companies, including several based in the United States, appeared willing to give in to Libya’s coercion and make what amounted to payoffs to keep doing business, according to industry executives, American officials and State Department documents.

The companies in question are not identified."

– Jay Bookman

gecko109

You define 144 tons as "huge", but in reality, that amount is simply a rounding error compared to what we hold with 8,000 tons.

secondrepublic

Say what you will about him being crazy and evil (and he definitely both of those things), but Gaddafi is actually pretty darn smart in one way. That gold he holds is his lifeline. The U.S. and other countries have frozen his billions of dollars in financial assets abroad. So what? He's got the gold in Libya. In crunch time he's still got the ability to fund his regime.

ttown

Debunking Gaddafi’s Gold

Wingsrule

By a per capita measure, the figures are roughly the same for both countries.

Justacommeman

Libya's gold reserves are in the Top 25 in the world. I think most would not name Libya as a Top 25 kind of country. MJ

gecko109

<< <i>Libya's gold reserves are in the Top 25 in the world. I think most would not name Libya as a Top 25 kind of country. MJ >>




Under a more "normal" distribution pattern, I'd be inclined to agree that Libya being among the top 25 is shocking and impressive. But with the way the gold is distributed among those top 25, there really is nothing impressive about Libya's gold holdings. It doesnt even amount to just 2% of the U.S. gold holdings. If there were 25 people, and the highest paid man had an annual income of $500,000/yr......and the lowest of those "top 25" had an annual income of just $9,000/yr, then im really unimpressed. And that is a PRECISE analogy when talking about Libya's "huge" gold holdings. Its actually very insignificant.

Weg

While it may be very insignificant I'd be happy to enter that giveaway.

roadrunner

The amount is on the order of what the IMF disposed of to buyers over the past 2 yrs. It had no substantial effect on the market.

roadrunner