A question was raised in the comments section about the level of gold reserves held by Greece – a bit of google-fu shows something very interesting. The Greeks are better off than we are and we produce most of the damned stuff.
Source – Wikipedia
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Apparently after going sideways for 10 years, the smartest guys in the room decided gold was finished as an instrument or asset – at $400/ounce. Thanks Mr Costello. Fill a room with economists and treasurers, and they’ll probably do a worse job of running trillion dollar economies than a bloke sitting at a computer who knows a little bit about markets and risk.
I am glad you mention your sources, in this case Wikipedia. However, we know, or rather strongly suspect that China and Russia, just to name two countries, hold far more than the above mentioned figures. According to Jim Rickards, China is probably approaching 4,000 tonnes and Russia not very far behind. However, as a lot of the European gold is held (supposedly) in Fort Knox, I wish those countries good luck to get it back.
I guess Greece’s stash is going to belong to others soon.
If the you know what hit the fan and gold did become the standard again, Then at current rates of production it would take us 30 plus years to reach the current holdings of the United states. A long bow I Know but worthy of some thought. I guess we are lucky we have gas, oil, coal, uranium and don’t forget all the land that produces food for sale. ( Tongue in cheek).
The land that is getting sold to China. China are buying up properties everywhere, the whole chain, looking at the land, then the transport companies to get the produce to the nearest port and then ship it all back to China to feed there people, on there own ships. The story also mentioned that they are looking at bringing in 5,000 of there own people to operate this operation. What’s even more sad is the people are paying there repayments that are due over the next 25 to 30 years, however the banks are now asking them to pay it back in less time, which they cannot do, therefore they are then selling to the overseas investor.
Gas is pretty much the same, alot of it is going to the Gladstone port and then shipped to China.
I don’t understand how we cannot keep it ourselves and sell it for more money to overseas countries that need it. China has trillions of dollars to spend….
Pretty sad stuff going on in the outback of Australia at the moment.
As for the Gold, we cannot eat gold, however also pretty terrible that we don’t have it as a backup in our reserves.
If we had managed our resources properly we would have the worlds largest sovereign wealth fund.
Not sure you could really say we produce most of the damned stuff, but I get your drift.
http://www.australian-gold.com/images/gold-annual-production-by-country1.jpg
Interesting comments – imagine what we could be sitting on. The best time to plant a tree is 30 years ago, the second best time is now.
Ron