netcat Posted November 19, 2014 Share Posted November 19, 2014 So I've decided to find out more about the "stunning admission that "in the vaults of the central bank there is almost no gold left. There is a small amount of gold bullion left, but it's just 1% of reserves." Turns out, this quote is inaccurate and taken out of the context the question of a tv-presenter was: "gold reserves, do they still exist physically or is it kind of virtual money?" And the head of the Cenrtal bank answered: Physically there’s a small amount of gold bullion, about 1% of reserves, the rest of it is on the accounts of the world’s first class banks" 1 Quote Link to comment Share on other sites More sharing options...
Ace Nova Posted November 19, 2014 Share Posted November 19, 2014 So I've decided to find out more about the "stunning admission that "in the vaults of the central bank there is almost no gold left. There is a small amount of gold bullion left, but it's just 1% of reserves." Turns out, this quote is inaccurate and taken out of the context the question of a tv-presenter was: "gold reserves, do they still exist physically or is it kind of virtual money?" And the head of the Cenrtal bank answered: Physically there’s a small amount of gold bullion, about 1% of reserves, the rest of it is on the accounts of the world’s first class banks"There you go....figured it was something along those lines. Quote Link to comment Share on other sites More sharing options...
magisme Posted November 19, 2014 Share Posted November 19, 2014 There you go nothing. Down from 8% in March. What happened? Quote Link to comment Share on other sites More sharing options...
Ace Nova Posted November 19, 2014 Share Posted November 19, 2014 There you go nothing. Down from 8% in March. What happened?From what she wrote, it either was always in the hands of the world's top banks or it would have been transferred there at some point. Quote Link to comment Share on other sites More sharing options...
magisme Posted November 19, 2014 Share Posted November 19, 2014 No, that's not how it works.I give up. Quote Link to comment Share on other sites More sharing options...
Ace Nova Posted November 19, 2014 Share Posted November 19, 2014 (edited) No, that's not how it works.I give up.She's saying there has not been any decrease in their gold reserves. That 1% of it is physical bullion (that they have on hand) and the rest is in the hands of the world's top banks. Edited November 19, 2014 by Kasanova King Quote Link to comment Share on other sites More sharing options...
netcat Posted November 19, 2014 Share Posted November 19, 2014 No, that's not how it works.I give up.She's saying there has not been any decrease in their gold reserves. That 1% of it is physical bullion (that they have on hand) and the rest is in the hands of the world's top banks.frankly speaking, im not sure what does it mean, as economy is clearly not my thing. maybe partially what you said, but also i've heard they've been selling gold lately because of the war and so on. also lets not forget there might be uncontrolled corruption when the right hand does not know what the left hand does. but the US would certainly be the last suspect on my list Quote Link to comment Share on other sites More sharing options...
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