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FEDERAL RESERVE ADMITS THERE’S NO GOLD
GOLD & SILVER – MIKE MALONEY
Gold and Precious metals
are a unique beast in the Investment World. It seems to attract all kinds of conjecture, good, bad,and ugly. There is a pile of misinformation and it seems investors either love it or hate it. Totally ignore it or are obsessed with it.
What I want to do here is look very objectively which I hope will explain and sort out the confusion, misinformation and the emotions about Gold.
- There is no comparison of bitcoin to gold. The only thing they have in common is that they are both unique financial instruments.
- Important to understand is Gold is not another commodity – it is money or a currency.
- Central Banks hold US$, Euros, Yen and Physical Gold, not Platinum, Oil, Corn, TVs or Blenders – because it is money.
You don’t have to believe me – listen to Allan Greenspan around the 23 to 28 minute mark who certainly holds more respect and esteem than I
It has a longer history as money than any paper currency that Governments support to their eventual demise.
That is why sometimes it is refereed to as the anti-currency and although they own it Central Banks hate it – or more accurately do not like it as much as their paper currency. It is well documented that Central Banks try to influence the price, in the downward direction. Probably the most famous quote is that of Alan Greenspan before the House Banking Committee in 1998 “Central banks stand ready to lease gold in increasing quantities should the price rise.”
However since around 2021 many Central Banks have changed. Many now view gold as the premier currency to hold over Euros, Yen, US$ and other paper currencies. Check the chart below, there has been huge CB buying since 2022. For the first time CBs hold more gold than Euros. It is there #2 asset and before long will be #1 above US$.
Basel III is the third Basel Accord, a framework that sets international standards for bank capital adequacy, stress testing, and liquidity requirements. It became effective in January 2023 and a big change is that gold became a Tier 1 asset. It is equivalent to US$ or Euros as a reserve Banks can hold.
Greeinspan was arguably the longest and most respected U.S Central Bank Chairman and knew all to well about the reality of Gold. This is from his October 2014 interview at the Council on Foreign Relation
“Gold is a currency. It is still, by all evidence, a premier currency, where no fiat currency, including the dollar, can match it.”

Gold is very durable and all the Gold ever mined is still in custody or circulation.
Although a fair bit is at the bottom of the Oceans because of the battles fighting for it and as recently as World War II and the Kuwait and Iraq/US wars. There is a lot of controversy on whether Iraq Gold was taken, was ever there or moved, but just all this attention proves the idea of fighting for it is alive and well. What we do know for sure is that Iraq returned the Kuwait Gold it seized but artifacts of Iraq, including those of Gold were taken during the U.S. invasion.
All the Gold ever mined would fit into 2 or 3 Olympic sized pools, depending on whose numbers you use.
The Golden Rule – who has the Gold rules
In more recent times we know Britain and Europe had most of the Gold and dominated the world economy and a lot of that Gold moved to the U.S. in the World II era and the U.S. became the Global leader. Now questions have risen whether the U.S. still has all this Gold. There has been no audit of Fort Knox Gold since the 1953, and that was a partial one.
What has brought more attention to this question is the recent movement by a number of Central Banks to repatriate their Gold holdings back to their own soil.
This came to a head with Germany in 2013 who supposedly has a substantial amount of their Gold with the U. S. Fed, (reported at 1,447 tons) asked to repatriate just a portion. Germany has 69% of their Gold holdings abroad and wants to bring this down to 50% by repatriating 674 tons, about 307 from France and the rest form the U.S. The U.S. told them it would take until 2020 and when Germany asked to view or verify their Gold holdings they were basically told to ‘get lost’. Germany eventually got that gold from the U.S., but why was it so slow, taking 5 years. It could have fit on two cargo planes.
- There is no evidence that the U.S. gold actually exists, other than the word of the FED.
What we do know there has been vast amounts of Gold moving into eastern countries like India and especially China, both as official China reserves and into their General Banking system and Economy. And China is beginning to emerge as the World’s dominate economy. The chart shows demand is relentless, year after year. The best, Andrew Mcguire explains how Asia and other CBs exploits Fed take downs on Comex gold and scoop up delivery of physical metal.
