Australian gold

Ditto the Reserve Bank of New Zealand. Why not just gift it to them?!

Even on Australia Day the RBA is happy for Pommies to hold 99.9% of their Gold

ausbullion
26 January , 2013

On the eve of Australia Day I received a reply to my email to the Reserve Bank of Australia (RBA). It seems even on Australia Day, and every other day for the foreseeable future, the RBA is willing to trust a bunch of bankers on a wet miserable little island off the coast of France, who have engaged in QE and are implicated in the LIBOR rigging scandal, to hold 99.9% of their gold. So much for the independent Australian spirit and patriotism.

My email dated 17 Jan 2013:

Good Morning Chris,

I imagine you are aware of the press release by the Bundesbank overnight that they would be withdrawing all of their Gold Reserves from Paris and drawing down on their holdings at the New York Fed.

Reference: http://tinyurl.com/ahsnjtl

Reason given for repatriating this Gold was explained by board member Carl-Ludwig Thiele:

"The two most important functions of the gold reserves are building confidence at home and may, within the shortest possible time to be able to exchange gold at gold trading centres abroad for foreign currencies"

In light of this news is the RBA considering repatriating some of the RBA's Gold Reserves from London to provide confidence at home whilst still having the liquidity that the London market provides?

RBA's reply dated 25 Jan 2013:

Greg

Thank you for your email.

The Bank does not have anything to add to the response provided to you on 19 December.

Regards