Photos from main gold storage of Central Bank of Russia. Almost 1800 tons of gold is stored here. This is the main storage of gold in Russia. This makes Russia to be number six in the world by gold storage.
However ten years ago Russia had only 3% share of the total world gold storage.
Today Russia’s gold is 17% of world’s gold.
And this is how all this gold is being stored.
You can’t eat gold,you can’t heat with gold.So,the REAL value of gold is zero!Nada,zilch.
Wish they would do the same as in Ft. Knox Kentucky USA, to either prove or disprove the gold it there. So many rumors about there NOT being gold there. Last time “outsiders” saw it was in the early 70’s when they took an inventory. Funny…about the same time the USA left the gold standard, and the USA debt started to go through the roof.
Money use to be printed and circulated, ONLY if there was a like amount of gold & silver on deposit with the federal reserve. Now, paper money is pretty much worthless. Oh, it’s backed by “the good faith and credit of the United States Government”…yeah, that and a couple dollars will get you a cup of coffee!
Actually the gold standard was very toxic for the growth of economy. The amount of money must scale with the size of the economy – not just the amount of mined gold. Otherwise the simply isn’t enough money for trading, deflation starts and the economy is killed, since nobody is interested in investing money anymore, since it’s better to just put it in a safe and wait. Nevertheless the US did some major mistakes and the Dollar wouldn’t be worth anything now if it weren’t a key currency used by many other countries for important trade. But that has nothing to do with the gold standard.
A gold reserve actually isn’t of any real use for inner economy, but for international trade. Other countries need to have trust to get something worth for them in exchange for goods they sell you. This can be your own currency, if they are sure they can buy stuff they want from you with that currency. If they can’t, because your economy sucks and basically only sells some raw materials and weapons (as the Russian’s does ;)), you need a reserve of something they like to have in exchange for the money you gave them for their good. This reserve can be other (trusted) currency or just gold.
Gold is worth at least the cost of mining it….which varies depending on where its mined.
Frequent misunderstanding. It’s not worth at least the cost of mining, but what someone is willing to give for. If someone wants gold, he will pay _at most_ what it would cost him to mine it by himself (of course, otherwise it would be cheaper to mine it instead of buying it).
If the gold is not worth what it cost to mine it then what is the point. Generally speaking the average person does not do his own mining.
It was meant as example for “the cheapest way to to get” and could also apply to “buying from someone else” instead of “mining it” – of course under the assumption one would actually like to buy gold.
The point is: Everything is _at most_ worth what someone is _willing_ to pay for it. If mining 1 kg of gold cost you more than you receive when selling it, you lose money.In that case, it is _not_ worth the cost of mining. Simple.
1800 tons, including more than 100 tons stolen from Romania during WWI, and more from some other countries afterwards.
Russia : thief one day, thief always !
what about America lol… stealing Petrol and I’d say surely gold as well…
Rumor has it they had inventory the other day and 87% of the ingots were found to be gilded bricks.
Gotta’ watch those oligarchs with both eyes, guys.
But don’t listen to me. It’s your country.
Oops, it was your country.