“Of course, it was not a good idea for Australia to sell most of its gold and for Canada to sell all of its gold. The timing of these sales was also some of the worst ever. Beyond this, these central banks acted irresponsibly and had no accountability to the populations of their nations. Gold is the wealth of ages, the sovereign wealth of a nation. It is not some securitized financial asset to be sold and squandered by statist central bankers who answer to no one…
Some of the gold that the Western central banks still claim that they hold is in fact not there at all. It has been leased out in London, sold and shipped abroad, and now sits in China or India, and all the while the Western central banks still claim that this gold is on their balance sheets as they maintain the fiction that ‘gold receivables’ are in fact the same as physically held gold.
All central banks that store gold bars at the Bank of England should now sit up and take note that storing gold at the Bank of England is a wealth hazard fraught with political and confiscational risk.
It is irresponsible that Australia not only sold a majority of its gold at fire sale prices in 1997, but that it has since done nothing to rebuild its strategic monetary gold reserves. All the while, the Asian powers of China and Russia have been doing just that. As one of world’s largest gold mining producers, Australia also has the means at its disposal to rebuild its gold by tapping into primary gold production.”
Ronan Manly, Australia’s Gold at the Bank of England
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Totally agree.
Just read this and read it again and have no idea (yet) if it is for real, BUT . . . my initial reaction is: This guy is a genius OR he is calling out f*n morons. Or both.
Oh, it’s for real, all right. Here’s more from the article:
“Who is responsible for this? Those who have been running the Anglo and American and Western European central banks and their London and New York commercial bank counterparts for the last 50 years, the same people who congregate at the BIS in Basel and are represented on the Group of Thirty and the Bretton Woods Committee, i.e. the elitist central bankers and their investment bank backers.”
https://www.bullionstar.com/blogs/ronan-manly/australias-gold-at-the-bank-of-england-rt-com/