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19/09/21
09:59
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Originally posted by Jrowl1:
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Since Australia is now the #1 gold producer of the world, I'm thinking of writing a letter to the RBA recommending them to buy gold from Australian producers to put on their balance sheet since all they have is 80 tons held at London with recommendation to increase to 1,000 tons. That would put it at the same level as the USA of 8,000 tons when divided by population. If I put up a getup page with enough signatures it could work. The gold could be held at the Perth Mint since it's government backed.
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Why would the govt want to own gold? It's a lousy investment, and compared to GDP it's a drop in the ocean. The market cap of the biggest US company is about 3 times the value of all US Treasury owned gold. Which is why most countries don't own any.