Us Gold Reserves Ownership
The official gold reserves of the United States of America are owned by the US Government. This can be confirmed in the US Treasurys monthly report Status Report of U.S. Government Gold Reserve which details the size of these gold reserves and their storage locations.
Although the US gold reserves are officially held by the US Department of the Treasury, they are predominantly held in custody by the US Mint on behalf of the US Treasury at a number of US Mint facilities. Note that the US Mint is a part of the US Department of the Treasury, and it reports to the Office of the Treasurer which is one of the Offices that the Treasury Department is structured into. The Treasurer reports to the Deputy Secretary of the Treasury, who in turn reports to the Secretary of the Treasury, who in turn reports to the US President.
Who Will Be Global Liabilities Of $25 Quadrillion
We are now at a time in history when extraordinary events will be the norm. The world is currently as far from a harmonious equilibrium as it has ever been in history. The masses are ultimately responsible for $2.5 quadrillion of debts derivatives and unfunded liabilities. None of this will of course ever be repaid and that astronomical sum will grow exponentially as governments accelerate their money creation in their futile attempt to save the world. On the other side of the scale, is a very small elite, being a fraction of 1%, who owns most of the assets in the world. But they are of course not responsible for the debt which is being created so that the wealthy can continue to grow their capital at the cost of ordinary people who in real terms are worse off every year.
Gold Reserves By Country 2021
Gold is a chemical element with the symbol Au. Gold is a bright, reddish yellow and is dense, soft, malleable, and ductile. It is a relatively rare element and a precious metal. Because gold is one of the least reactive chemical elements, is malleable, ductile, and resistant to corrosion, and can conduct electricity, it has many uses. Gold is used for jewelry, coinage, and other arts. It has been used in infrared shielding, colored-glass production, gold leafing, and tooth restoration. Additionally, gold is used for corrosion-resistant electrical connectors in computerized devices. Currently, a ton of gold is worth about $64.3 million at $2,000 per ounce. Widely used in the 19th and 20th centuries, the gold standard was a monetary system in which the standards economic unit of account is based on a fixed quantity of gold. Many nations who used the gold standards have abandoned it but still hold significant gold reserves.
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Hidden Gold: How Much Do Americans Own
There is a bit of a dichotomy when it comes to the issue of owning gold. Possessing the yellow metal has always been a way to show ones wealth. Many cultures, such as India, use displays of gold jewelry to establish social status. However, nations and individuals have also been known to conceal the exact amount of their gold holdings. In fact, no one knows how much gold Americans own.
Leadership And Contractor Selection
On June 12, 2017, Comptroller Glenn Hegar announced his choice for the depositorys first administrator Tom Smelker, a 30-year veteran of the agencys Treasury Operations Division and its director for a decade.
Tom has been involved in this from the beginning, Comptroller Glenn Hegar said. Hes been an integral part at every step of the process, so this is really an extension of a job hes been doing since the legislation was first introduced.
The results of the RFP process were revealed two days later. Comptroller Hegar announced Austin-based Lone Star Tangible Assets , a firm that stores and trades precious metals, would operate the Texas Bullion Depository.
We chose them because they offer the right combination of experience, financial stability and infrastructure, Hegar said during a press conference at the Capitol. Lone Star Tangible Assets was the only respondent that provided a creative solution for large commercial or institutional accounts that require significant liquidity.
The initial contract with LSTA is for five years, with two one-year extension options.
Tom Smelker
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Us Gold Reserves Storage
The US Treasury, on behalf of the US Government, claims to own 261,498,926.230 fine troy ounces of gold, which is equivalent to 8133.5 tonnes of gold. Of this total, 4582 tonnes of gold are claimed to be stored at the US Mint bullion depository in Fort Knox, Kentucky, 1682 tonnes within the West Point bullion storage facility in New York State, and 1364 tonnes at the US Mint facility in Denver, Colorado. Together these three facilities are claimed to hold 7628 tonnes of US gold, with the balance stored in the vaults of the Federal Reserve Bank of New York in Manhattan , and as US Mint working stock .
The reason for emphasising that these gold reserves are claimed to be stored where the US Treasury says they are stored is that none of the US gold reserves has ever been independently physically audited, so there is no independent proof of the US Treasurys claims. See audit section below for more details.
How Would The Sanctions Apply
The U.S. announcement to block gold transactions was done alongside Group of Seven and European Union allies that will also impose the gold reserve ban. New guidance from the U.S. Treasury Department states that American individuals, including gold dealers, distributors, wholesalers, buyers and financial institutions, are generally banned from buying, selling or facilitating gold-related transactions involving Russia and the various parties that have been sanctioned.
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What Kind Of Impact Would This Have On Russia
The move should further impact the country’s ability to launder money and will in effect apply secondary sanctions on people who trade in gold with Russia, experts say. “It is another way to close sanctions loopholes, and increase economic pressure on Russian entities,” said Rachel Ziemba, an adjunct senior fellow at the Center for a New American Security. The ban on gold transactions is also an attempt to prevent innovative financial transactions through other countries that continue to do business with Russia.
So Why Would China Keep Its Gold Reserves Quiet
But there is more, as Ross Norman points out.
Not all gold entering China is accounted for by SGE withdrawals. The People’s Bank of China , the central bank, likes to buy 12.5kg bars, which do not trade on the SGE. The PBOC often uses dollars on exchanges in London, Dubai and Switzerland, while the SGE sells its gold in yuan.
The Chinese army, too, owns gold and does not have to declare its purchases. And there are other state agencies, as well: the State Administration of Foreign Exchange and China Investment Corporation the sovereign wealth fund, for example.
How much of this gold is state owned? Norman guesses 50% Suchecki, formerly of the Perth Mint, says 55%.
At 50%, the implication is that China owns over 15,000 tonnes closing in on double the US.
Chinese Central Bank gold holdings have apparently been entirely unchanged since mid-2019 at 1,948 tonnes, Ross Norman tells me. But few of us believe that. Put an additional zero on the end and I should not be surprised if that is not much closer to their official holdings.
Alasdair McLeod goes one stage further. The PRC probably has as much as 30,000 tonnes hidden in various accounts, but not declared as official reserves.
Whether ten, 15 or 30,000 tonnes, there is no way China can declare such large holdings. Not yet anyway it would cause an unwanted surge in both the yuan and the gold price. The government’s $3.2trn of US dollar foreign exchange reserves would be devalued.
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When Might We Run Out Of Gold
In the U.S. and throughout the world, theres still gold in them thar hills, to borrow an expression associated with the U.S. Gold Rush of the mid-1800s. But theres really only a precious amount of the precious metal.
In 2015, investment bankers at Goldman Sachs speculated that the worlds mineable reserves of gold would run out by 2035. In fact, some experts believe the global supply of mineable gold will hit its peak in 2019 and trail off after that. Over the past three decades, the rate of gold mine discoveries around the world has tapered off.
Looking at the fourth quarter of 2018 alone, most gold miners reported declining production. The World Gold Council confirmed this fourth-quarter decline in their report Gold Demand Trends Full year and Q4 2018, noting that the final quarter of 2018 saw gold mine production fall back from the record quarterly total achieved in Q3.
Prominent mines that experienced a decline include Newmont Goldcorp, Barrick Gold Corporation, and Kinross Gold Corporation.
- Goldcorp, the worlds largest gold mining company by market cap, reported a YoY decline of 2.5 percent.
- Barrick Gold, arguably the second largest gold mining company in the world, reported a ~6 percent YoY decrease.
- Kinross Gold, which claims to be a senior gold mining company, reported a decline of 6.5 percent YoY.
Australia, Canada, and the U.S. account for about 40 percent of worldwide spending on gold mine exploration.
How Much Gold Is In The United States
The U.S. owns the most gold in the world: 8,133.5 tonnes, more than twice that of the next two countries: Germany and Italy .
In 2018, U.S. gold mine production totaled about 210 tonnes, down 11 percent from 2017, according to the USGS. The estimated price tag of all that gold was $8.6 billion.
The USGS reports that about 18,000 tonnes of gold remain undiscovered in the U.S., with another 15,000 tonnes having been identified but not mined.
By far, Nevada reigns as the gold capital of the country. In 2018, mines in the Silver State produced 173.6 metric tons of gold, along with 249.2 metric tons of silver, according to the Nevada Mining Association.
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How Much Gold Does The United States Have
United States Gold Reserves Are The Largest in The World
U.S. Gold Reserves
The United State lists its gold reserves at 8,133.50 tons. This number has not changed since 1971. During World War II, U.S. gold holdings peaked at over 20,000 tons. During and after World War II, many western European nations shipped their gold to New York Federal Reserve vaults in the United States for safe keeping. Over the past several years, some of the gold belonging to Germany and the Netherlands has been returned.
Where Did The United States Gold Come From?
Prior to 1933, the United States and other nations used gold coins for general circulation. Many countries also settled their international trade in gold. This required countries to hold gold in reserves for international payments. A country with net exports would build its gold reserves, while countries with net imports would deplete their gold reserves to pay for the imports.
In May 1933, by Excecutive Order, President Franklin Delano Roosevelt ordered the return of all gold coins circulating in the United States and other gold bullion held by U.S. citizens. In exchange the US government paid then then market price of $20.67 an ounce. In January 1934, the US Congress passed the Gold Act that revalued gold at $35 an ounce.
Where is the United States Gold Held?
The remaining U.S. gold is held at the vaults of the New York Federal Reserve and at US Mint locations in Denver, Colorado and West Point, New York .
Do Gold Reserves Matter?
Heres Why Chinas Gold Reserves Must Be Far Bigger Than Official Data Suggests
First, consider Chinas US dollar holdings over three trillion of them. Thats more than the UKs annual GDP. Its US dollar holdings eclipse those of every other nation China is not going to want those to go to zero not yet, anyway.
Then consider its gold holdings. It has 1,948 tonnes, barely 3% of its foreign exchange reserves. The USs gold holdings equate to over 65% of its reserves.
What if China were to approach that level?
Well, my argument is that China has much more gold than it says it does.
There are two parts to this argument. First, Chinas gold mining. In 2007, China overtook South Africa as the worlds largest gold producer. It has remained so ever since. This past decade it has produced about 15% of all the gold mined in the world.
Since 2000, China has mined roughly 6,830 tonnes. Over half of Chinese gold production is state-owned the China National Gold Group Corporation alone accounts for 20%. And China keeps the gold it mines the export of domestic mine production is not allowed.
I say that number again: 6,830 tonnes. Already that official 1,948 figure looks very dubious.
With reserves in decline at home, Chinese mining companies have also been buying assets abroad, across Africa, South America and Asia. International production exceeds domestic production by about 15 tonnes in 2020.
Add that to cumulative gold production since 2000, and you get a figure over 13,500 tonnes.
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What Other Sanctions Have Been Imposed
The U.S. also took additional sanctions actions on Thursday. It sanctioned dozens of Russian defense companies, 328 members of the Russian State Duma or state assembly and the head of Russia’s largest financial institution. Those actions are on top of export controls and financial penalties issued in the past month on Putin, his inner circle, some of the country’s top financial institutions, along with several banking institutions’ removal from the SWIFT bank messaging system.
How Much Gold Is Left In The World
Figuring out how much gold remains to be mined is still tricky, though. We do know that gold makes up about four parts per billion of the earths crust. What we dont know, however, is precisely how much gold is still out there.
The WGC estimates that there are 54,000 tonnes of below-ground gold reserves waiting to be mined. These below-ground reserves account for less than 30 percent of what has already been mined.
World gold supplies are difficult to quantify. That is because gold reserves are not always reported accurately, according to the West Coast Placer gold blog. 50 percent of gold above ground is used for , which makes it difficult to track.
Furthermore, small-scale gold miners dont always correctly report their gold hauls, particularly in developing nations.
If there really are about 54,000 tonnes of gold waiting to be mined from underground reserves, were not talking about a lot of the metal. A cargo ship can haul about 25,000 tons of cargo, meaning that if you could gather all of the earths remaining gold in one place, you could haul it in fewer than three cargo ships.
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Is It Time To Buy Gold
Iron rusts. Aluminum is flimsy. Lead and copper corrode. As far as natural elements go, gold is among the only ones that can stand the test of time. Thats one reason, among many, that gold has been used as a currency and a store of wealth since the beginning of recorded history.
The supply of gold cant last forever, especially given stressors in the mining industry. That means that there may come a time when youre not be able to buy gold as easily as you can now. Think about it. Has there ever been a wrong time to own gold?
Us Gold Reserves Used In Us Gold Bullion Coin Program
The US Mint began striking the American Gold Eagle Coin in 1986, and the Gold Eagle coin remains the official 22k gold bullion coin of the United States of America.
The US government guarantees American Gold Eagles contain the stated amount of actual gold weight in troy ounces in each gold coin.
The US Secret Service enforces the governments American Gold Eagle coin guarantee.
Since their inception, over 20,000,000 ounces of Gold American Eagle coins have gotten purchased by gold investors and coin collectors around the world.
Many gold bullion industry experts consider the Gold American Eagle coin as the best gold coin selection throughout the worlds physical gold bullion market.The ongoing question of how much US gold reserves we officially have according to the US Treasurys website updates versus speculation on the reality will likely remain.
Below is a well-researched example of what we are referring to, as there are just only too many holes in the Fort Knox Gold trail for average US citizens to have full confidence.
Do not hold your breath for an officially conducted third-party audit of US gold reserves ever.
Own a prudent gold allocation as the current fiat US dollar loses value to gold in the years to come.
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The Globalists And Deus Ex Machina
So again, the globalists have sadly won, just like they did in the Netherlands and France recently. The unelected and unaccountable Brussels bureaucrats are absolutely elated. They can now continue to run Europe irresponsibly with open borders for anyone who wants to enter, with a currency which only benefits the Germans, and with a financial system which is rotten in its core and totally bankrupt. But it is not just the financial system which is bankrupt because so are most major EU nations from Greece, Italy, Spain, Portugal, France, UK etc. The illustration to my article Deus ex Machina written in December 2011 tells the story:
Events might have taken a bit longer to unravel but the trend is irreversible. Country after country will crash under the burden of debt and this is not just European countries but also China, Japan, Emerging Markets and the US of course.
