Senator Gerard Rennick, who is defending the re -election of the Senate with People’s first party, has asked the Federal Government to discover exactly where Australia’s gold is located.
Senator Rennick is asking the question after he was told in the budget estimates committees that the Bank of England has false gold bars with duplicate serial numbers “and does nothing about it.”
Cairns News reviewed the website of the Bank of the Australian Reserve on the golden holdings of Australia and found that official statements are somewhat confusing. Readers with some experience in the government’s economic jargon are invited to give their “interpretation.”
The website establishes: “As part of the official Reserve Assets of Australia, the Bank of the Reserve has an amount of gold. Including the gold that is on loan, the holdings of the RBA amount to 80 tons, with the total value of these holdings recorded as an asset in the balance of the RBA. “
Therefore, Australia has 80 tons of gold, whose spot price is currently around US2900 a Troy ounce, which translates into USD7,458,800,000 or Aud11,820,706,240.00. Therefore, our reserve assets supposedly are worth approximately $ 11.8 billion, not a large amount for today’s inflated standards.
The RBA continues: “To align the RBA report methodology with the guidelines of the International Monetary Fund (IMF), since 2015, any gold that has been provided by the RBA is recorded as a direct entry of foreign currency in the official reserves data and is excluded from the physical gold holdings of the RBA.
“Similarly, any gold that RBA has borrowed is excluded from the physical golden holdings of the RBA in the official reserves data.”
Then, the RBA says that it has 80 tons of gold holdings, including the gold that is borrowed, but the loan gold is excluded from the physical holdings of gold of the RBA. So how much gold is on loan? We do not see the answer to that anywhere, unless we lose it.
Currently, it is reported that physical gold for delivery in the Bullio London market association is delayed four to eight weeks, which technically puts the LMBA in non -compliance. Normal delivery time is a week.
Meanwhile, Senator Rennick accused the federal government of deliberate ignorance about the amount of gold Australia really possesses. He says that the RBA has also admitted that the Bank of England has false gold bars, but why it is not said.
“Both parts of politics are equally guilty of intentional ignorance about the state of Australia reserves,” he said. The senator says that the first party of the people began due to the abuses of power and waste of the money of the taxpayers on the part of both sides of politics.
“It is not surprising that the value of the Australian dollar has decreased a lot for months, due to this uncertainty.
“Having good gold reserves in Australia is an idea of common sense that deserves a democratic consultation and that is not swept under the carpet on both sides of politics,” he said.
