Two years is gold a safe investment 2014 the news was publicly broken on this site that 99. Australia’s Gold reserves are stored by the Bank of England in the United Kingdom. Decisions like this don’t happen in a black hole.
Something changed the RBA’s mind, between August 2012 and December 2012, on making the location of Australia’s Gold reserves public. A recent experience of mine with the RBA further highlighted their desire to follow in the footsteps of other Central Banks rather than to think for themselves. A question posed by email to the RBA earlier in the year suggested that RBA officials had performed the audit themselves. I decided to lodge another FOI request. The Chief Representative in EU approached the BoE to facilitate this review and in late May 2013 initial planning discussions were held with BoE staff with tentative agreement that the review would take place in September 2013. An on-site physical verification commencing 23 September 2013, which will take 4-5 days to complete, assuming two RBA auditors are involved given the proposed scope.
Bank’s inventory list and weighing of the bars by BoE staff using their equipment. Obtain a high level understanding of the BoE gold safe custody service. Continuing discussions for a comprehensive safe custody agreement between the RBA and BoE. As the above document list shows, those relating to final audit results were not provided. I would assume the audit was successful, but no doubt that would be a highly contested opinion in the Gold blogosphere. Documents 10, 11 and 12 are drafts of the report prepared by the RBA’s Audit Department detailing the findings of the audit and document 13 is the final of that report. Disclosure of these documents would manifestly harm the public interest by way of reducing the ability of the RBA to successfully conduct audits and tests of its operations going forward.
RBA have been invited back for another review in 12 months. However discussions on the RBA audit were already well advanced at that time. Regarding the rejected documents: I don’t know anything about your specific FOIA situation, but it might help to ask for just those parts of these documents for which they cannot find an excuse not to release them. When you ask for the whole document, they either accept or reject your request. And ask for motivations per blacked-out part, if possible. Germany, Switzerland, The Netherlands, Belgium, Austria – these are the countries that are looking into their gold reserves repatriation.
Australia OTOH does have some geopolitical dependancy on these two and hence might not follow europeans in this. Thanks Arend, my intention is to push for those parts of the report which confirm a successful audit. Fair points and I think it’s unlikely we see RBA repatriate our Gold in the near future, more of a pipe dream at this stage. BG, SBLC, MTN, Bank Bonds, Bank Draft, T strips and other. This offer is open to both individuals and corporate bodies. If in need of our services, contact me for detail information. Very informative, keep posting such good articles, it really helps to know about things.
I can’t see where it stated what Australia’s Gold Reserves are? It was bought to my attention that there are fake Gold bars being sold on ebay that replicate popular investment grade 1oz Gold bars. Royal Silver Company Bonds: Ponzi or Plodding? Gold Bars Stored at the Bank of England Two years ago the news was publicly broken on this site that 99. I have another coin recommendation for readers’ consideration.
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