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Most gold in the world
| July 11th, 2017 at 9:59:52 AM permalink | |
| Pacomartin Member since: Oct 24, 2012 Threads: 1068 Posts: 12569 | Lebanon has 286.8 metric tonnes of gold, so outside of Switzerland they have by far the most amount of gold per capita
I have mentioned that Sweden last month became the first western country whose asset in gold reserves is worth more than it's liability in banknotes in circulation. Well, Lebanon circulates about 750,000 Lebanese pounds per person worth roughly US $500. But they have over 2 troy ounces of Gold per capita in reserves. So Lebanon has far more gold than banknotes (unlike Sweden where the asset is roughly the same as the liability). A question for goldbugs is should you obtain some Lebanese pounds in your portfolio. |
| July 11th, 2017 at 10:28:10 AM permalink | |
| petroglyph Member since: Aug 3, 2014 Threads: 25 Posts: 6227 | I would prefer the physical . The last official act of any government is to loot the treasury. GW |
| July 11th, 2017 at 11:12:21 AM permalink | |
| AZDuffman Member since: Oct 24, 2012 Threads: 135 Posts: 18204 |
Nope. Too hard to change to the real thing, just buy gold if you prefer to hold gold. The President is a fink. |
| July 11th, 2017 at 3:35:22 PM permalink | |
| Fleastiff Member since: Oct 27, 2012 Threads: 62 Posts: 7831 | Lebanon? Are their borders still respected? Are Israeili and Syrian tanks all over the place still? Are there occasional shellings? Is the government so constrained by religious courts as to be ineffective is many areas? And you want to trust banks in this place? If you have to wear a lead flak jacket to go get your gold, it ain't worth the glitter. |
| July 11th, 2017 at 8:12:12 PM permalink | |
| Pacomartin Member since: Oct 24, 2012 Threads: 1068 Posts: 12569 |
Partly I am using Lebanon as an example. All my life I've heard gold bugs complain about fiat currencies not being backed by anything. Switzerland had a constitutional requirement to back at least 40% of the value of it's banknotes in gold. Let Lebanon has 2.2 ounces of gold per citizen and only US$500 in currency in circulation. So it backs up it's currency about 5 times over Yet, we don't feel any safer regarding this currency |
| July 11th, 2017 at 10:28:24 PM permalink | |
| Fleastiff Member since: Oct 27, 2012 Threads: 62 Posts: 7831 | Switzerland had political stability even when surrounded by Axis powers in WWTwo. I don't view Lebanon as having political stability or secure borders or even a secure infrastructure. That might be a primary reason for not having much respect for its currency. Lebanon has gold, Brazil has coffee. One American transferred dollars to a Nigerian bank and when he arrived in Nigeria the bank teller wanted to be 'dashed' before he would give the account holder his money. Do you think that American account holder cared about how much gold there was? There has to be a fundamental stability and only then to people look at gold backing. |
| July 11th, 2017 at 10:50:31 PM permalink | |
| Pacomartin Member since: Oct 24, 2012 Threads: 1068 Posts: 12569 |
Basically, do you believe that how much gold a country has is completely irrelevant? I'm kind of leaning that way myself as I think the USA should sell it's gold. But other times, I feel that there is a lot of emotional baggage associated with gold. I know there are many people that are upset the the UK, Norway and Canada sold their gold reserves. A failed referendum in 2014 tried to keep Switzerland from selling their gold. They still have by far the world's highest per capita reserves of gold.  There are only 8 reserves in the world over a thousand metric tons (or a million kilograms) 1 United States 8,133.5 2 Germany 3,375.6 3 International Monetary Fund 2,814.0 4 Italy 2,451.8 5 France 2,435.9 6 China 1,842.6 7 Russia 1,706,8 8 Switzerland 1,040.0 |
| July 12th, 2017 at 12:37:22 AM permalink | |
| petroglyph Member since: Aug 3, 2014 Threads: 25 Posts: 6227 | I think a lot of it has been sold. That is why we went to the "petro dollar". Ron Paul has been trying to get an audit of the gold, and documented numbered assayed bars. Do you recall when China was given tungsten bars that were represented to be gold. China is buying mega tons, Russia is accumulating as fast as they can. India has always had a fetish for gold. Recently China purchased the Lbme. I guess reading Wikepedia's definition of gold bug, that makes me one? I have lost my ass twice in metals, but still believe what I do. The metals market is manipulated by a few large players. The stock exchange is no longer a pricing tool with QE. Are you watching this at all? http://www.zerohedge.com/news/2017-07-11/former-mt-gox-chief-mark-karpeles-pleads-not-guilty-embezzlement-trial-begins How many times has bit coin been robbed? A gold backed currency doesn't have to be all in gold, but other metals or at least something tangible. IMO I believe the US is trading infrastructure for debt now. Toll roads, National parks, ports, etc. I have read where some of that tonnage is still stored in the ground, as in not mined yet? The last official act of any government is to loot the treasury. GW |
| July 12th, 2017 at 1:01:15 AM permalink | |
| petroglyph Member since: Aug 3, 2014 Threads: 25 Posts: 6227 | I was surfing Netflix a couple hours ago and found, "The big short". Have you watched it recently? Effing incredible how rigged the market really is. All those crooked CDO's and cdo's squared and cubed never really cleared. When Clinton signed away Glass Stegal, the big banks slid all their bad debts over to the savings and loan side of their balance sheets. Now those debts are backed by the FDIC. That's you and me. The last official act of any government is to loot the treasury. GW |
| July 12th, 2017 at 5:30:06 AM permalink | |
| AZDuffman Member since: Oct 24, 2012 Threads: 135 Posts: 18204 |
It is a great movie, though the Baum character really carries the whole thing. Though it missed most of what went on in the trenches. Even in 2012 for the then modification program I was told to ignore blatantly forged signatures (I refused) and process paperwork not signed by all titleholders. I did that one after objecting, their paper, their problem. We were giving people months behind the best rates possible, hoping they would not fall behind again. It was all just moving paper around, collecting our salary as the bank collected their bonus from the feds. That potential bad debt was now even higher seemed not to matter, by now whatever went bad went bad after everyone involved moved on in life. No better at another bank when I tried to warn them about writing a mortgage with a Life Estate on the title. It went to a VP-level, who ignored it. Told under no uncertain terms to just Dummy Up and Process. Production is the name of the game, of the hood does not close right it is a problem for the dealer........ The President is a fink. |