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AlexdeLarge
Intermediate Crude
Joined: May 20, 2008
Posts: 993
Location: I have a whole ward
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 Posted: Thu Aug 14, 2008 4:17 pm Post subject: Who's got the Gold ? |
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If / when the dollar fails and we have a total collapse of the banking system.........the US will default on its debts to anyone and everyone who holds dollars.
So what happens next? (Forgetting for a moment the ensuing madness.) There would have to be a new currency introduced. Would not this new currency have to based upon something of real value again......Gold? Silver?? Oil??? Bullets????
So which country has the most gold at Present?
This may be wrong, but a quick goggle search came up with this:
"As far as national gold reserves are concerned, the United States owns the most gold followed by Germany and the International Monetary Fund. If we include jewellery ownership, then India is the largest repository of gold in terms of total gold within the national boundaries."
So does the game just reset?
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3aidlillahi
Intermediate Crude
Joined: Mar 25, 2008
Posts: 890
Location: Alif Lam Mim
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| Posted: Thu Aug 14, 2008 4:23 pm Post subject: Re: Who's got the Gold ? |
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| Quote: | | "As far as national gold reserves are concerned, the United States owns the most gold followed by Germany and the International Monetary Fund. If we include jewellery ownership, then India is the largest repository of gold in terms of total gold within the national boundaries." |
What happens if you include private ownership outside of jewelry, like the krugs and GAE's people have in their homes? Who jumps to the top then?
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AlexdeLarge
Intermediate Crude
Joined: May 20, 2008
Posts: 993
Location: I have a whole ward
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| Posted: Thu Aug 14, 2008 5:44 pm Post subject: Re: Who's got the Gold ? |
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I do not know. But here is the Gold reserves (or gold holdings) that are held by central banks as a store of value. In 2001, it was estimated that all the gold ever mined totaled 145,000 tonnes.[1] One tonne of gold equated to a value of US$29.66 million as of July 2008 ($922.40/troy ounces)[2]. The total value of all gold ever mined would be $4.3 trillion at July 2008 prices.
Official gold reserves
I assume the US stores the actual gold in Fort Knox or Federal Reserve Banks.
Where does the IMF store its holdings? I assume scattered around the world but the headquarters for the IMF is in the US.
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pedalling_faster
Intermediate Crude
Joined: Dec 10, 2005
Posts: 946
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| Posted: Thu Aug 14, 2008 6:06 pm Post subject: Re: Who's got the Gold ? |
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| AlexdeLarge wrote: |
"As far as national gold reserves are concerned, the United States owns the most gold followed by Germany and the International Monetary Fund. If we include jewellery ownership, then India is the largest repository of gold in terms of total gold within the national boundaries."
So does the game just reset? |
The Indian people do like gold. some of their classic traditional
jewelry is, as the British say, quite over the top.
anyway, the game is resetting. as the US dollar falls in value
until you need 1000 or 1500 of them to buy an ounce of gold,
that seems like a de facto return to the gold standard.
one of the 8 million details that came out about 9-11 was
regarding gold kept in a vault at WTC 1, 2, or 7. i think 7.
about $70 billion worth.
wonder if they had time to get it out before the building
collapsed ?
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Roccland
Peak Oil Prophet
Joined: Jun 16, 2007
Posts: 1696
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| Posted: Thu Aug 14, 2008 6:19 pm Post subject: Re: Who's got the Gold ? |
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| pedalling_faster wrote: | | AlexdeLarge wrote: |
"As far as national gold reserves are concerned, the United States owns the most gold followed by Germany and the International Monetary Fund. If we include jewellery ownership, then India is the largest repository of gold in terms of total gold within the national boundaries."
So does the game just reset? |
The Indian people do like gold. some of their classic traditional
jewelry is, as the British say, quite over the top.
anyway, the game is resetting. as the US dollar falls in value
until you need 1000 or 1500 of them to buy an ounce of gold,
that seems like a de facto return to the gold standard.
one of the 8 million details that came out about 9-11 was
regarding gold kept in a vault at WTC 1, 2, or 7. i think 7.
about $70 billion worth.
wonder if they had time to get it out before the building
collapsed ? |
The gold was under WTC4.
Giuliani called off the search for survivors after the gold was found.
Nice guy...eh?
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AlexdeLarge
Intermediate Crude
Joined: May 20, 2008
Posts: 993
Location: I have a whole ward
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| Posted: Thu Aug 14, 2008 7:14 pm Post subject: Re: Who's got the Gold ? |
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So Goldfinger's Plan comes to its fruition! LOL
An article in the TimesOnline gives the following rundown of precious metals that were being stored in WTC vaults.
Comex metals trading - 3,800 gold bars weighing 12 tonnes and worth more than $100 million
Comex clients - 800,000 ounces of gold with a value of about $220 million
Comex clients - 102 million ounces of silver, worth $430 million
Bank of Nova Scotia - $200 million of gold
The TimesOnline article is not clear as to whether the $200 million in gold reported by the Bank of Nova Scotia was part of the $220 million in gold held by Comex for clients. If so, the total is $750 million; otherwise $950 million.
To small an amount for a diabolical villian like Bush!
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Micki
Fission
Joined: Dec 07, 2005
Posts: 2025
Location: Australia
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| Posted: Tue Aug 19, 2008 9:18 pm Post subject: Re: Who's got the Gold ? |
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| AlexdeLarge wrote: | I do not know. But here is the Gold reserves (or gold holdings) that are held by central banks as a store of value. In 2001, it was estimated that all the gold ever mined totaled 145,000 tonnes.[1] One tonne of gold equated to a value of US$29.66 million as of July 2008 ($922.40/troy ounces)[2]. The total value of all gold ever mined would be $4.3 trillion at July 2008 prices.
Official gold reserves
I assume the US stores the actual gold in Fort Knox or Federal Reserve Banks.
Where does the IMF store its holdings? I assume scattered around the world but the headquarters for the IMF is in the US.
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Just a few things to keep in mind.
Reserves are unaudited.
IMF gold is pledged by the member nations but is likely double counted. i.e. IMF gold is counted also as a nations reserve.
IMF instructed Central Banks to count leased out gold as still being in reserve. (this inflates total global gold figures as gold will be counted as sold as well as being in reserve).
We have reason to believe CB's like Fed Reserve is actively leasing out gold to prop up Dollar.
For instance Paul Volcker said (I paraphrase); our only mistake was to let gold go to $850.
Greenspan said; We stand ready to lease gold in increasing amounts should the price of gold appreciate.
GATA analysis a few years ago indicated that half of US reserves has been leased out.
The bullion banks that lease this gold are the same as the large commercials that have huge short positions.
What will happen to the CB gold should physical gold go in short supply? Well what we've seen so far is that CB's protect their banking buddies, so it is possible the people will have lost their gold at a bargain rate.
Jim Sinclair is probably also correct that if they introduce a gold cert standard (quasi gold standard) it will be based on official reserve figures. We are not going to be told the true state of the reserves.
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threadbear
Expert
Joined: Jan 22, 2005
Posts: 7784
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| Posted: Tue Aug 19, 2008 9:47 pm Post subject: Re: Who's got the Gold ? |
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| Just out of curiosity, what would happen to the gold if Fort Knox was nuked by several bunker busters? Would it vaporize? |
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Tyler_JC
Moderator
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Joined: Sep 25, 2004
Posts: 4723
Location: Boston, MA
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| Posted: Tue Aug 19, 2008 10:04 pm Post subject: Re: Who's got the Gold ? |
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| threadbear wrote: | | Just out of curiosity, what would happen to the gold if Fort Knox was nuked by several bunker busters? Would it vaporize? |
The melting point of gold is 1947 degrees Fahrenheit or 1064 degrees Celsius.
The boiling point of gold is 4720 degrees Fahrenheit or 2807 degrees Celsius
The ground at the center of the Hiroshima blast was over 7,000 degrees Fahrenheit.
The gold would vaporize...along with a whole bunch of American military personnel and the overwhelming majority of the citizens of the country responsible for the attack.
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Micki
Fission
Joined: Dec 07, 2005
Posts: 2025
Location: Australia
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| Posted: Tue Aug 19, 2008 10:06 pm Post subject: Re: Who's got the Gold ? |
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| threadbear wrote: | | Just out of curiosity, what would happen to the gold if Fort Knox was nuked by several bunker busters? Would it vaporize? |
Why not just fly a plane into the building. That seems to vaporize everything.
Seriously, wouldn't it just melt and possibly break up into microscopic particles. I mean even on an atomic level gold is gold.
Radiation could be an issue though.
Do we have anyone good with physics here that knows better what actually happens to metal like gold during a blast (besides just scattering the stuff)
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TommyJefferson
Light Sweet Crude
Joined: Aug 19, 2004
Posts: 1786
Location: Republic of Texas
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| Posted: Wed Aug 20, 2008 10:00 am Post subject: Re: Who's got the Gold ? |
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| AlexdeLarge wrote: | | There would have to be a new currency introduced. Would not this new currency have to based upon something of real value again......Gold? Silver?? Oil??? Bullets???? |
No. Look at historical cases of how governments usually do this.
The government introduces a new currency.
The government sets an exchange rate of X new for Y old.
A date is set after which the old currency is legally useless.
Bank accounts are electronically converted.
Citizens turns in their physical old currency and begin using the new currency.
Done.
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Dreamtwister
Fission
Joined: Feb 06, 2006
Posts: 2300
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| Posted: Wed Aug 20, 2008 11:39 am Post subject: Re: Who's got the Gold ? |
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| Micki wrote: | | Do we have anyone good with physics here that knows better what actually happens to metal like gold during a blast (besides just scattering the stuff) |
If you bombard gold with neutrons, it creates the radioactive isotope AU198, which emits a lot of gamma radiation. Fortunately, it has an half life of less than 3 days. See the Sedan nuclear test for more information.
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pogoliamo
Heavy Crude
Joined: Dec 31, 2004
Posts: 185
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| Posted: Thu Aug 21, 2008 7:32 pm Post subject: Re: Who's got the Gold ? |
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Who's got the Gold ?
Bankers and miners own the gold and the silver. The very same group which now owns the current financial system.
Dont you like the answer ? |
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frankthetank
Fusion
Joined: Sep 16, 2004
Posts: 4927
Location: Southwest WI
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| Posted: Fri Aug 22, 2008 7:50 am Post subject: Re: Who's got the Gold ? |
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Fiat currency is going nowhere. Keep dreaming of gold backed currency...it isn't happening! The best i think we can do is start bartering amongst ourselves. Even that has lots of drawbacks.
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AlexdeLarge
Intermediate Crude
Joined: May 20, 2008
Posts: 993
Location: I have a whole ward
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| Posted: Fri Aug 22, 2008 4:18 pm Post subject: Re: Who's got the Gold ? |
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| frankthetank wrote: | | The best i think we can do is start bartering amongst ourselves. |
How do you barter for anything beyond trading a pickle for a pear??
I'd love to be a fly on the wall and watch someone barter for a heart bypass! LOL
If the dollar does collaspe, another fiat currency will take its place........backed by something of value.
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Viddy well, little brother. Viddy well. |
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