help me with "fort knox" 101
57loaded
Posts: 4,967 ✭✭✭
In today's WSJ paper edition, section C page 3 "Central Banks Join Rush For Gold"
It states the USA has 74.7% of it's reserves in gold...China 1.6% (not a typo..not mine at least) Germany 71.7%, Italy 71.4% France 66.1%, Russia 7.8% and then some other countries with the "True North Strong and Free" at only .3%
"of it's reserves" is my ? what is the other 25.3%?? and this adds up to 100% of WHAT?
the article also states that gold WAS thought of as a "relic" up until about 2000.
please enjoy my photos at your discretion. all the same gal, including my current avatar.
It states the USA has 74.7% of it's reserves in gold...China 1.6% (not a typo..not mine at least) Germany 71.7%, Italy 71.4% France 66.1%, Russia 7.8% and then some other countries with the "True North Strong and Free" at only .3%
"of it's reserves" is my ? what is the other 25.3%?? and this adds up to 100% of WHAT?
the article also states that gold WAS thought of as a "relic" up until about 2000.
please enjoy my photos at your discretion. all the same gal, including my current avatar.
0
Comments
total international monetary reserves. Considering that the US is only listed at $143 BILL it obviously is not including US gold which would be over $400 BILL.
So I don't know what the precise definition is either. Whatever "it" is, the US has approx $530 BILL in reserves. But if you add that $143 Bill to the gold, that comes pretty
close to the $530 Bill dollar value where about 75% is gold. Being the top dog who owns the reserve currency, the US doesn't need to carry much in the way of foreign reserves.
The Chinese have $2.6 TRILL in official reserves per Wiki of which US dollars and TBonds make up a large %. Still, they have 1054 tons of official gold ($55 BILL). So applying
the article's 1.6% gives China $3.4 TRILL. in reserves....an $800 BILL mismatch.
Someone else will have to clear this up. Just tell me the gold numbers because everything else is just fiat paper.
Wiki foreign exchange reserves
roadrunner
01. United States 8,965.6 tons = $459.04 billion
02. Germany 3,747.9 tons = $191.89 billion
03. The IMF 3,101.3 tons = 158.77 billion
04. Italy 2,701.9 tons = $138.33 billion
05. France 2,683.8 tons = $137.4 billion
06. China 1,161.6 tons = $59.47 billion
07. Switzerland 1,146.2 tons = $58.68 billion
08. Russia 915.2 tons = $46.85 billion
09. Japan 843.3 tons = $43.17 billion
10. The Netherlands 674.9 tons = $34.56 billion
11. India 614.6 tons = $31.47 billion
12. The European Central Bank 553.3 tons = $28.33 billion
13. Taiwan 466.8 tons = $23.9 billion
14. Portugal 421.5 tons = $21.58 billion
15. Venezuela 403.1 tons = $20.64 billion
Used 300 million as a population.
My takeaway from the gold data is that the US can control the price of gold, to a degree - until China or a consortium owns at least an equivalent amount. At that time, it seems to me that the dollar and the price of gold could be re-negotiated on a world scale.
I knew it would happen.
02. Germany 3,747.9 tons = $191.89 billion
03. The IMF 3,101.3 tons = 158.77 billion
04. Italy 2,701.9 tons = $138.33 billion
05. France 2,683.8 tons = $137.4 billion
06. China 1,161.6 tons = $59.47 billion
07. Switzerland 1,146.2 tons = $58.68 billion
08. Russia 915.2 tons = $46.85 billion
09. Japan 843.3 tons = $43.17 billion
10. The Netherlands 674.9 tons = $34.56 billion
11. India 614.6 tons = $31.47 billion
12. The European Central Bank 553.3 tons = $28.33 billion
13. Taiwan 466.8 tons = $23.9 billion
14. Portugal 421.5 tons = $21.58 billion
15. Venezuela 403.1 tons = $20.64 billion
What % of the above is in the NY Fed?
<< <i>What % of the above is in the NY Fed?
According to the Wikipedia on the NY FED:
<< <i>The Federal Reserve Bank of New York maintains a vault that lies 80 feet below street level and 50 feet below sea level,[7] resting on Manhattan bedrock. By 1927, the vault contained ten percent of the world's official gold reserves. Currently, it is reputedly the largest gold repository in the world (though this cannot be confirmed as Swiss banks do not report their gold stocks) and holds approximately 7,000 metric tons of gold bullion ($335 billion as of April 2011), more than Fort Knox. The gold is owned by many foreign nations, central banks and international organizations. The Federal Reserve Bank does not own the gold but serves as guardian of the precious metal, which it protects at no charge as a gesture of goodwill to other nations. >>
<< <i>The Federal Reserve Bank does not own the gold but serves as guardian of the precious metal, which it protects at no charge as a gesture of goodwill to other nations. >>
Well that will make me sleep better at night!!!
<< <i>According to this report article which is taken from the July 2011 report from the World Gold Council, central banks hold 30,160 tons which is 16.5% of the world's gold. The largest holders being.-
01. United States 8,965.6 tons = $459.04 billion
02. Germany 3,747.9 tons = $191.89 billion
03. The IMF 3,101.3 tons = 158.77 billion
04. Italy 2,701.9 tons = $138.33 billion
05. France 2,683.8 tons = $137.4 billion
06. China 1,161.6 tons = $59.47 billion
07. Switzerland 1,146.2 tons = $58.68 billion
08. Russia 915.2 tons = $46.85 billion
09. Japan 843.3 tons = $43.17 billion
10. The Netherlands 674.9 tons = $34.56 billion
11. India 614.6 tons = $31.47 billion
12. The European Central Bank 553.3 tons = $28.33 billion
13. Taiwan 466.8 tons = $23.9 billion
14. Portugal 421.5 tons = $21.58 billion
15. Venezuela 403.1 tons = $20.64 billion >>
some nice change
jmski52, yeah
That would not be dollar bullish.
Fort Knox is said to hold just over 4,578 metric tons of gold....about 56% of the US total of 8133.5 tons.
Most of the rest is in the NY Fed Reserve bank. Some additional amounts kept at the US mints.
roadrunner
<< <i>Those numbers showing the US with 8965 tons of gold are incorrect....unless we joined in the world's current gold buying spree and picked up 832 tons w/o anyone writing about it.
That would not be dollar bullish.
Fort Knox is said to hold just over 4,578 metric tons of gold....about 56% of the US total of 8133.5 tons.
Most of the rest is in the NY Fed Reserve bank. Some additional amounts kept at the US mints.
roadrunner >>
Could it be central banks are accumulating gold in expectation of a coming crisis or major war? US gold reserves peaked at 20,000 tons during WWII
<< <i> Could it be central banks are accumulating gold in expectation of a coming crisis or major war? US gold reserves peaked at 20,000 tons during WWII >>
The world is definitely aware of about a dozen countries who have been publically growing their gold reserves. But if the US were secretly out in the market buying gold
reserves that would hit the fan pretty quick I think. That would tip the people off to go and do the same thing if the govt doesn't have confidence in their own dollar. The
Chinese are telling their people to go out and buy gold. If the Chinese govt can't get all the gold to fight the next economic war, 2nd best thing is for their people to be
loaded down with it. I'm not aware of any EU nations adding to reserves. Most seem to be in Asia. Mexico also added about 100 tons recently but I don't thing they're
getting ready for war other than to fight the drug cartels.
roadrunner
"The Bank of Korea said in a statement on Tuesday it bought 25 tonnes of gold over the past two months, raising its gold holding to 39.4 tonnes"
May be small potatos compared to the top 15 but they are buying.