Geopolitics and the World's Gold Holdings

Commodities / Gold and Silver 2011
Apr 24, 2011 - 12:39 PM

By: Michel_Chossudovsky

Both the US dollar and the Euro currency systems are in crisis. During a period of waning currencies, where the value of money (in paper and/or electronic form) is tumbling, the strategic control over gold reserves and gold production is of paramount importance.

The issue is not only who controls the stock of central bank gold reserves, but who, namely which countries, control the production of mine gold.

While the US has the largest official gold reserves, China has become the World's largest producer of mine gold.

The main players with regard to mine gold are China, Australia, Russia, South Africa, the US and Canada.

Anglo-American corporate interests exert a dominant control over mine gold. The World’s largest gold mining companies are Barrick Gold (Canada), GoldCorp Inc. (Canada), Newmont Mining, (USA).

Below are the official country level central bank holdings of gold (scroll down) as well as estimates of mine production of gold by major gold producing countries.

The figures on gold holdings pertain to central bank holdings. They do not include private holdings of gold by individuals and financial institutions.

The official central bank figures cannot be verified, nor can the total amount of gold derivatives transacted in financial markets. There is no reliable data on private gold holdings, which have developed over several centuries.

With regard to official US gold holdings at Fort Knox, there has been no independent audit of official holdings. According to Rep. Ron Paul: "Our Federal Reserve admits to nothing, and they should prove all the gold is there. There is a reason to be suspicious, and even if you are not suspicious, why wouldn't you have an audit?â€