Gold

[corran]

If the world moves further towards being cashless (and negative) then I think you'll see more people looking for a home for their money outside of the system. Gold is one option. Bitcoin, fine art, property, collectible cars, etc.

I think gold is a barometer of how much trust people have in governments and central banks. That trust looks pretty low to me at the moment and looks set to go much lower. What's structurally improved in the financial system since 2008? Not much from where I'm standing. To me it looks very much like 2008 all over again but this time with more debt and less ammo (e.g., interest rates already close to or below zero for much of the developed world).

[JBmurc]

I don't really know how much of world govts wealth is in gold but if world central banks started dumping gold to prove that it is no longer part of the monetary system then surely gold becomes worthless. I mean if you can go to negative interest rates and get rid of large denomination notes then getting rid of gold isn't a big deal is it? Really there is no need for gold especially is you go cashless. People won't have a choice if the world goes cashless, unless they start using gold as an alternative to currency.

Gold will become worthless ..your joking right ...that's purely moronic .....

EVERY fiat currency since the Romans first began the practice in the first century has ended in devaluation and eventual collapse, of not only the currency, but of the economy that housed the fiat currency as well....

The first use of gold as money occurred around 700 B.C...

So 2716yrs(gold holding value and seen as real money ) Vs 45yrs (USD fiat world reserve currency) .......

[penn]

I will put a bin outside my place, for people to dispose of their "worthless" gold. I'm sure I can find a use for It, (would make great fishing sinkers, and lead ones are soo expensive)

[JBmurc]

10 countries hoarding enormous piles of Gold

by Elena Holodny



Gold is on fire.

Last week, the shiny metal officially entered a bull market, defined as a 20% rally off recent lows.

But investors aren’t the only ones feeling gold: central banks just can’t get enough of the shiny metal either.

According to the latest Report From The World Gold Council, central banks added 336.2 tonnes of gold to their reserves in the second half of 2015, up from 252.1 tonnes in the first half of the year.

“Central banks added to their gold reserves with renewed vigor in the second half of 2015, accelerating their purchasing programs as diversification of foreign reserves remained a top priority,” reported the World Gold Council.

“Economic and political risks remained stubbornly high: plunging oil prices, conflict in the Middle East, and China’s economic slowdown, to name just a few. Against this background, official sector institutions continued to recognize the need for diversification of their reserve asset portfolios,” the report added.

Using the WGC’s data, we put together a list of the biggest gold hoarders out there. Check them out below.





10. India

Official gold holdings: 557.7 tonnes

Percent of foreign reserves in gold: 5.4%

Back in November, Prime Minister Narendra Modi announced that he wanted to “tap the stockpiles of the precious metal to trim physical demand and reduce imports by providing people with alternative avenues for investment,” according to Bloomberg.

Source: World Gold Council



9. Netherlands

Official gold holdings: 612.5 tonnes

Percent of foreign reserves in gold: 54.6%

The Dutch central bank reportedly might move more than 189 tonnes of gold (worth over $7 billion) from vaults in Amsterdam. “The central bank is looking at the possibility of storing its reserves in a regular office building outside of the city,” Forbes Reported.

Source: World Gold Council



8. Japan

Official gold holdings: 765.2 tonnes

Percent of foreign reserves in gold: 2.1%

Japan’s gold reserves were at just 6 tonnes in 1950, and its central bank registered its first serious jump in gold holdings in 1959, with purchases increasing by 169 tonnes from the previous year.

In 2011, the Bank of Japan sold gold to Pump ¥20 Trillion into the economy to calm investors after the tsunami and nuclear disaster.

Source: World Gold Council



7. Switzerland

Official gold holdings: 1,040.0 tonnes

Percent of foreign reserves in gold: 6.0%

In November 2014, Swiss voters Rejected A Referendum that would have forced the central bank to boost its gold reserves to 20%.

Source: World Gold Council



6. Russia

Official gold holdings: 1,392.9 tonnes

Percent of foreign reserves in gold: 13.0%

“Russia tipped the scales with purchases in the region of 200t over the course of the year, of which around 141t were bought between July and December,” noted the WGC report.

Source: World Gold Council



5. China

Official gold holdings: 1,762.3 tonnes

Percent of foreign reserves in gold: 1.8%

“The most significant development of H2 was the announcement that China’s central bank had accumulated over 600t during the preceding six years. While this took some by surprise, the increase was in line with our estimate and was already fully accounted for in our data, which has consistently allocated an amount to Chinese official sector demand. Hence, no revision was required to our historical series,” noted the WGC report.

Source: World Gold Council





4. France




Official gold holdings: 2,435.6 tonnes

Percent of foreign reserves in gold: 60.1%

Back in November 2014, French right-wing leader Marine Le Pen wrote that she wanted French gold back in France, and suggested that the central bank buy more gold reserves, According To Forbes.

Source: World Gold Council



3. Italy

Official gold holdings: 2,451.8 tonnes

Percent of foreign reserves in gold: 64.0%

In 2013, the Italian central bank argued that gold reserves were key to independence.

“... historic ... and psychological reasons, stand in favor of gold’s importance as a component of central bank reserves,” director general of the bank, Salvatore Rossi, said. “Gold underpins the independence of central banks in their ability to (act) as the ultimate bearer of domestic financial stability.”

Source: World Gold Council



2. Germany

Official gold holdings: 3,381.0 tonnes

Percent of foreign reserves in gold: 66.3%

“Germany took more than 200 tones of its gold back to Frankfurt from overseas in 2015, as it moves towards hoarding half of the world’s second-largest reserve at home,” According To AAP.

“In the wake of the eurozone crisis, many ordinary Germans want to see more of the 3,381 tonnes of gold in vaults at home and some have even questioned whether it still exists, prompting the Bundesbank to recently publish a long list of gold bars,” The AAP Added.

Source: World Gold Council



1. United States

Official gold holdings: 8,133.5 tonnes

Percent of foreign reserves in gold: 72.2%

The US had its largest gold reserves in volume terms back in 1952, when it held 20,663 tonnes. By 1968, holding fell below 10,000 for the first time.

Source: World Gold Council

[Aaron]

Don't get your undies in a bunch there JBmurc. Just reading the article on Canada selling all their gold and considering the possibility of central banks doing away with the barbarous relic called gold. If central banks don't want large denomination notes their next step would have to be to undermine gold otherwise getting rid of the notes seems like a waste of time, with a golden alternative readily available. although the metal alternative would be harder to move around due to weight and size.
While central banks hold gold I see it as valuable.
Haven't sold my OGC, NCM or RMS yet.

[JBmurc]

You made the comment "surely gold becomes worthless" ....did you really believe this could even happen ?
Tube tv's ,old cameras ,clothes etc now they can become worthless ...


Now I didn't mean to bite your head off ..I just can't comprehend it ....like you say Central banks want to remove larger fiat notes of tender
this of course is only the start to remove cash from the system ....Denmark is nearly there http://www.pymnts.com/news/2015/denm...y/.VWaSqvmqpBd

IMHO once the powers that be remove cash from the western nations the likes of the precious metals and other forms of cash outside the banking system will be next ....they will tell us since cash has been removed the precious metals bullion/bitcoin had taken over the roll in the crime/drug world etc ...so it will become illegal to hold..

Then all transactions will go through the banking system they will have "FULL CONTROL" then it will be much easier to have negative rates imposed and further taxes,,,

[Joshuatree]

GOLD up re 2% plus on Yellens FED decision. Shorters on the run.Our Goldies will have new highs today.

[skid]

You made the comment "surely gold becomes worthless" ....did you really believe this could even happen ?
Tube tv's ,old cameras ,clothes etc now they can become worthless ...


Now I didn't mean to bite your head off ..I just can't comprehend it ....like you say Central banks want to remove larger fiat notes of tender
this of course is only the start to remove cash from the system ....Denmark is nearly there http://www.pymnts.com/news/2015/denm...y/.VWaSqvmqpBd

IMHO once the powers that be remove cash from the western nations the likes of the precious metals and other forms of cash outside the banking system will be next ....they will tell us since cash has been removed the precious metals bullion/bitcoin had taken over the roll in the crime/drug world etc ...so it will become illegal to hold..

Then all transactions will go through the banking system they will have "FULL CONTROL" then it will be much easier to have negative rates imposed and further taxes,,,

And its all happened before --It was illegal to hold Gold in the States at one point. The ''full Controll'' you mention is one of the possible scenarios of kicking the can down the road---nasty business how economic issues can flow on to human rights issues---If it does happen I only wish I could buy shares in the Black Market.---It will flourish---(Im not so sure Americans(and others) would be so quick to relinquish their physical gold this time around.

[cyclist]

.... (Im not so sure Americans(and others) would be so quick to relinquish their physical gold this time around.

To paraphrase a scene from the MiB movies:

Gold holder: "You can have my gold when you pry it from my cold dead hands"

Gubmint: "Your proposal is acceptable"

Hopefully it will never come to that ....

[Logen Ninefingers]

If they try to eliminate cash & make having gold / silver in private hands illegal, you will see civil war in the USA. Bullion sales have gone through the roof over there, and everyone has at least one gun.

'A well regulated militia, being necessary to the security of a free state, the right of the people to keep and bear arms, shall not be infringed.'