Banks and the Gold Price

by Paul A. Ebeling, Jnr.
IB Times

It is claimed that somewhere deep in the vaults of western central banks are huge stacks of physical Gold bars.

This Gold bullion are deemed to be part of their respective foreign currency reserves, which include all the usual fiat (paper) currencies like the USD the GBP, the JPY and the EUR.

The Western governments central banks; United States, United Kingdom, Japan, Switzerland, Eurozone and the International Monetary Fund (IMF) are believed to hold an 23,349 tons of physical Gold in their respective reserves, representing more than $1.3-T at today’s Gold price.

Other than the suggested tonnage (held therein) little is actually known about the Gold that makes up the stockpiles.

Continue Reading at IBTimes.com…

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