India Pays Gold for Iranian Oil/Gas

Nobody knows what the US holds as gold reserves, if any, because nobody will audit Fort Knox, the New York Federal Reserve Bank, West Point and Dever's supposed gold reserves. Ron Paul proposed a bill to audit the US gold reserves but it's been met with great resistance.

The WGC site doesn't provide the quantity of reserve held by country. Then again I'm not a registered member.

 

The WGC does provide Official Reserves. They do not provide the amount of privately held gold.

I agree with you regarding Fort Knox. I don't know the US has 8,133 tons of Gold. If you can't audit you don't know. But according to many sources we have the gold.

 

According to a report last year in the Economist somewhere around 40% of the world's gold is estimated to be in India, in private hands, mostly as jewelry. The Economist does not just make this stuff up, they base their reports on actual research, usually quite extensive.

 

That is completely unrealistic.

I just read an article that states there are almost 16,000 tons of gold in private hands. Official Gold Reserves are 500 tons. Whether thats true who knows.

http://articles.economictimes.india...4783_1_gold-imports-tonnage-terms-gold-demand

I have heard 10,000 tons from reliable sources and if you start adding the WGC data it doesn't matchup with 16,000 tons. But who knows.

When somebody says India has 25,000 tons or you stating 65000 tons. Thats unrealistic.