Country-based Gold Reserves

Quote from forextrades:

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90% of the world's gold is above ground (it has already been mined).
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ft, I don't believe your statement is correct.

You may be thinking of the following stat: Roughly 90% of the gold above ground has been mined since the start of the California gold rush in 1848.

Un-mined gold appears on the books of mining companies as ‘reserves’ (to the extent it is known about with reasonable confidence, and can be extracted economically).

Roughly 40% of the total of gold above ground remains as un-mined reserves.

In addition, some amount of gold has not yet been discovered and therefore is not yet counted in the reserves.
 
Quote from ScottD:

ft, I don't believe your statement is correct.

You may be thinking of the following stat: Roughly 90% of the gold above ground has been mined since the start of the California gold rush in 1848.

Un-mined gold appears on the books of mining companies as ‘reserves’ (to the extent it is known about with reasonable confidence, and can be extracted economically).

Roughly 40% of the total of gold above ground remains as un-mined reserves.

In addition, some amount of gold has not yet been discovered and therefore is not yet counted in the reserves.
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I also wondered about the statement.
 
The conspiracy guys point out that Ft Knox has not been audited in decades and rumor has it that the gold is gone. :eek:
 
the Ft. Knox - Roswell UFO guys make a living off of these rumors

although I'd like to see a list of serial numbers and weights, but likely will never see it since if any of the bars showed up on the market, the ensuing panic it would cause would be .. well you know..
 
Quote from ljyoung:

09-25-08 01:13 PM

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Quote from TraderZones:

If it is held as a stragic item, such as Petroleum, helium, uranium, copper, whatever, it makes sense. But I don't see how NOT having it hurts either - less storage charge. There is no Gold Standard...

On the other hand, the US Reserves and Petroleum reserves have actually gained a huge amount of value...
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Even though we are not on the gold standard, if our dollar completely lost its value overnight, the government has the gold to back up any neccesary purchases it might need and it could pay any employees it needs to keep with gold backed paper if the need should ever arise.

Also, imagine if governments suddenly put gold on the open market. It would lose its value so fast, gold would be practically worthless.

I think I'd be going along with what piel has expressed above in the sense that if the shit really hit the fan and the dollar became catastrophically debased, then gold would prove useful.

Actually one of the reasons put forth for why gold was stuck at $250-$300 for so long was precisely because central banks were dumping it on the open market.

lj
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If the world goes to hell, it's not gold that will be of value, it's tanks, carriers and bunker busters that will be highly valued.
 
Quote from clacy:

If the world goes to hell, it's not gold that will be of value, it's tanks, carriers and bunker busters that will be highly valued.
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To wage war, not necessarily effectively (ask Dubya) reuires capital. If paper money isn't worth the paper it's written on, gold might do the trick.

lj
 
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