The location of Australia’s Gold reserves

[fourandsixpants]

RBA Audits Our Gold Reserves

Two years ago the news was publicly broken ....... that 99.9% of Australia’s Gold reserves are stored by the Bank of England in the United Kingdom......

Given that the RBA has followed the lead of other countries to release reserve location details, perform audits and release (some) bar list details, it will be interesting to see whether they go further and follow the lead of the many countries now deciding to repatriate some or all of their Gold reserves…

http://www.macrobusiness.com.au/2014/12/rba-audits-our-gold-reserves/

Hhhhhmmm. Where is Australia's Gold RESERVE??

......what's left of it, I mean Peter Costello, LNP, Treasurer, sold off a fair whack of it @ $360/oz

In November 1997 the then Treasurer, Peter Costello, shocked some people when he announced he'd signed off on the sale of $2 billion worth of Australian bullion. On the day he announced the sale the price was around $US306.00 an ounce. At the time, according to Mr Costello, gold "no longer plays a significant role in the international financial system".

 two thirds of our gold assets in a single day, and sold into a buyer's market.

http://www.abc.net.au/news/2010-03-05/worth-its-weight-in-gold/351864

[serendipityricho]

Most of Australias gold reserves are still underground-like iron ore and other metals.

Shame they will be dug up and other countries will be the winners...................Richo.

[aps1080]

Sere

Unless we sell it, we cant be winners either.

We can value add by turning some into steel products but the steel millls are in china,
I we dont feed them, someone else will.

[fourandsixpants · Accepted solution]

deb said:

it was pretty dumb and short sighted to sell off our gold reserves so cheaply wasn't it paints, I think gold reached something like $1500 pr ounce  either last year or this year

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I think gold went above $1700/oz at one stage.....but, yes to sell it off at $360/oz was some sort of deliberate tactical move....

and 2/3rds of it too.

[poddster · Accepted solution]

The US has or at least had a magic cheque book, as invented by Salvador Dali

The hokus pokus has now been seen through now