Testing The Financial Apologists

I will recuse myself for the standard two days and then take over moderation of this thread.

I am setting Phat's post rate to one per day.

I think what Theodoric is asking you to think about is why it would matter where a country stores its gold.The map of gold reserves by country has no relevance to the mistaken point the article is trying to make. The US has 8.1 thousand metric tons in gold reserves. Other countries gold being stored here is not part of that 8.1 thousand metric tons. If some country is storing their gold here and decides to move it somewhere else our gold reserves remain at 8.1 thousand metric tons. It doesn't affect our gold reserves at all. Nor anyone else's.If Nigeria were storing a few tons of gold here in the US and the US economy went completely into the tank it wouldn't affect the value of that gold at all, except when measured in terms of dollars whose value would of course drop. Moving the gold from the US to Nigeria would not increase or decrease the value of that gold. Only fluctuating gold prices could affect its value. The story you cited makes no sense.Searching the Internet I found that story echoed at many questionable websites. I couldn't find any mention of it at any actual news site, not even Fox News. Given Russian disinformation efforts, it wouldn't be surprising to find that this nonsensical story originated there.In the future please vet your information. I don't know why there is so much flim-flammery about gold out there, but there is. Make sure you find at least one legitimate news source mentioning a story. It doesn't matter if they have a completely different view or interpretation from your source, but just the existence of such a story from a legitimate news site would at least give us confidence that, using this case as an example, Nigeria and Saudi Arabia were actually storing their gold in the US and moved it to their own countries.

Temporarily increasing Phat's post limit to 3 posts per day to see if the feedback was meaningful for him.

The Houston Post's webserver is down.Also, according to Central Banks that Keep Their Gold in Another Country published last year by Bunker Group, a precious metals firm (so consider this information tentative), it isn't true that Saudi Arabia kept their gold in the United States:

quote:

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We have identified 3 main groups of countries based on where their gold is stored.

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The first group is countries that keep all their gold at home. These include the USA, France, Russia, China, Turkey, Taiwan, Saudi Arabia, Great Britain and Spain.

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I've set your post limit to 1 per week. Get some help.