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Message: <blockquote data-quote="ibnanv" data-source="post: 24220877" data-attributes="member: 218596">Hey UK! It's not just Venezuela, what happened to Australia's gold?Sri lanka's too!          Geopolitical and trade tensions along with US sanctions have  shaken trust in the US dollar over recent years. As a result, a number  of global central banks have been boosting their national reserves of  gold bullion. In 2018, world central  banks added 651.5 tons to official gold reserves, as a greater pool of  regulators turned to the precious metal as a diversifier, according to  data released by the World Gold Council. Some countries, like Russia and  Turkey increased their gold reserves while dumping US dollar holdings  at the same time. India, China, Kazakhstan, Iraq, Poland and Hungary  were among the other big purchasers of the yellow metal.Net sales of gold from central banks reportedly remained  insignificant, totaling less than 15 tons with Australia, Germany, Sri  Lanka, Indonesia and Ukraine accounting for almost the entire figure. While  some countries opt to hold their bullion reserves domestically, others  still trust their precious reserves to the central banks of other  nations. Vaults in Paris, New York and London have become popular gold  storages for many developing countries.The Bank of England has  kept a reported 80 tons of Australian gold for years. However, the UK  regulator has not allowed Australia to carry out a proper audit of its  bullion holdings. In an attempt to find out what happened to Australia's  gold RT talked to Ronan Manly, a precious metals analyst with  BullionStar in Singapore.The Reserve Bank of Australia (RBA) claims  to have 80 tons of the precious metal. Nearly all of the country's gold  bars are reportedly stored in a bailment arrangement, in an allocated  gold account, at the Bank of England vaults in London, with a very small  amount of gold stored at the RBA headquarters in Sydney. However, there  are questions whether the gold is still there, according to Manly.“There  have never been any independent physical audits of this gold, which  means that there is no way to verify the RBA's claim that it has all the  gold it claims to have,” Manly told RT.The latest, partial,  audit of Australia's gold holdings was reportedly conducted in 2013,  but the results of the checking have never been released neither by the  Bank of England nor by the RBA, with a freedom of information request  for the findings and the final report denied by both.“Throughout  the last 20 years, the RBA also admits that a lot of its claimed gold  holdings have been lent out in the secretive London Gold Lending Market,  but there is no information whatsoever available on any of these  lending transactions or the bar numbers involved,” Manly said.“That the RBA and Bank of England refuse to do any of these  things is highly suspicious. Therefore, there is no way to say that the  RBA has the 80 tons of gold it claims to have.”The RBA  participated in the gold lending market at times lending almost all of  its gold holdings for over 30 years, according to the regulator. The  lending activity has reportedly deteriorated over the past decade.  Earnings from gold loans amounted to just $0.71 million during the last  financial year.According to Manly, providing the documents on the latest audit of the holding “would, or could reasonably be expected to, cause damage to” good relations between the Bank of England and the RBA.“The  real reasons that the Bank of England does not allow proper gold bar  audits and the real reason it will never provide central bank customers  with proper weight lists of refiner serial numbers is that the Bank of  England wants total secrecy about gold lending and where the lent gold  goes to,” the expert told.According to Manly, the Australian government should reconsider its  approach to the national gold holdings, as the country's gold industry  and infrastructure is perfectly good for storing and handling its  precious metal on its own territory. The RBA could easily store the gold  in Canberra, Sydney or Perth like the Bank of Russia's gold is held in  Moscow and St Petersburg.“The rationale claimed by the RBA  that it stores its gold in London so as to be in proximity to the London  Gold Trading market is also wearing thin given that the Bank of England  has now confiscated the gold of Venezuela's central bank, the Banco  Central do Venezuela,” the analyst pointed out.“This is  sovereign gold of another nation which was placed into custody storage  by a foreign central bank. It is also absolutely extraordinary that the  Bank of England has succumbed to US Government and State Department  bullying to use,” said Manly, referring to the refusal by the Bank of England to return Venezuela's gold.</blockquote>

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