February 22, 2019
Recently, news network RT.com asked for comments on the question of the 80 tonnes of the Reserve Bank of Australia’s (RBA) gold reserves and their supposed storage location at the Bank of England’s gold vaults in London. Based on some of those comments I made, RT has now published an article in its English language news website at www.rt.com about this Australian gold that the RBA claims is held in London.
The RT.com article, which was published on 18 February 2018, is titled “Hey UK! It’s not just Venezuela, what happened to Australia’s gold?“, and can be read in full here on the RT website.
For the commentary, RT actually asked me quite a few interesting questions on both the Australian gold and other related gold topics. Since both the extended questions and the answers might be of interest to readers, we have decided to publish below the full set of questions and answers in Q&A format, which are as follows:
1) What happened to Australia’s gold? What’s your opinion?
The Reserve Bank of Australia (RBA) claims to have 80 tonnes of gold bars stored in a bailment arrangement, in an allocated gold account, at the Bank of England vaults in London. Bailment means the Bank of England is custodian, and the RBA owns and has title to specific serial numbered gold bars.
However, 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 that it claims to have.
In 2013, the Bank of England allowed the RBA to do a partial audit of some of the claimed RBA gold holdings, but the results of this audit remain secret, and even after FOIA requests, the documents from this audit were blocked by both the Bank of England and the RBA and never released. This also raises a red flag.
Most importantly, the critical document to any gold holding held under bailment…