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Posted on 08/03/2011 2:44:15 PM PDT by DeaconBenjamin
LONDON, Aug 3 -- Central banks of emerging market countries such as Korea and Thailand added more than $10 billion of gold to their reserves this year.
International Monetary Fund data for June showed Thailand bought gold for the second time this year, raising its reserves by nearly 19 tonnes to over 127 tonnes, while Russia bought another 5.85 tonnes, bringing its reserves to 836.7 tonnes, the world's eighth largest official stash of the metal.
So far in 2011, emerging market central banks have bought nearly 180 tonnes of gold, more than double the roughly 73 tonnes purchased by central banks globally in 2010.
The spot price of gold has risen by more than 17 percent this year to a record $1,672.65 an ounce.
Mexico has been the largest buyer of gold in the year to date, with $5.3 billion worth of purchases, or 98 tonnes of gold, followed by Russia, which has bought 48 tonnes, worth $2.6 billion at current prices.
Earlier this week, Korea confirmed it had bought 25 tonnes of gold in June and July.
"Central banks evidently do not regard the price level as too high and are diversifying their currency reserves. This was the first purchase of gold for the Korean central bank in over ten years," said Commerzbank metals analyst Daniel Briesemann.
"Gold's high-altitude flight still appears to be supported by many factors and an end to the boom soon is not in sight."
In the euro zone, smaller economies such as Greece, Portugal and Ireland have already sought emergency funding, while concern is mounting over the finances of some of the region's larger members such as Spain and Italy, driving the euro to record lows against the safe-haven Swiss franc.
(Excerpt) Read more at reuters.com ...
As I understand it...zero.
Good question ... sell it and erradicate the national debt.
ping
the perception is that gold is not just a metal it is the last refuge of real value and defense against major currency devaluation
If we have 8000 tons of gold (as is commonly believed), then at current prices we would barely make a dent in the national debt. It would be worth 422 billion. this is a small piece — about 3% — of the 14 trillion (= 14,000 billion) national debt.
Unlike Weebles, we will fall down.
The last audit was in the 50s. Since then, it's whatever the Fed says it is. How does that make you feel?
The recent bi-partisan vote to do nothing about debt demonstrates the politician’s proclivity to react after a crisis rather than proactively prevent a crisis. Applying the politician’s proclivity for reaction to Nixon’s closing of the gold window suggests a total depletion of inventory at Ft Knox.
Bought with US $......not baht, won, ruble or peso.
Re: bi-partisan vote to do nothing.
There was a politician and a average man standing on top of the Sears’ Tower when a gust of wind blew them off. The average man being a realistic pessimist, immediately sees he is about to die and begins praying. The politicians, the ultimate optimist, can-be heard saying - “Well so far so good!” as he passes the 4th floor.
At a melting point of 6000+, we don't have to worry about the tungsten melting. The plating will sure come off.
Nah, convert it to platinum and palladium, ie. industrial metals, just like we have a strategic petroleum reserve.
The thought has crossed my mind that carbon tube nanofilters are marvelous things. They can be designed so that they will only pass single molecules of water at a time, or the relatively few molecules that are smaller than water, thus making for easy water purification of very large quantities of water, no matter how contaminated.
But imagine if that was done in reverse. That is, make a filter with nanotubes large enough to pass all molecules smaller than gold. This could eliminate vast amounts of other substances.
And then use a second filter, just large enough to pass single molecules of gold.
Now what would happen if someone quietly used such a system for a dozen years, gradually accumulating hundreds, or thousands of tons of gold, discreetly?
Isn’t Korea technically a developed country now? It’s not emerging market in the same way Thailand or india or china are....
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