PennyP,
"I still cannot see how Australia is one of the worlds largest gold producers yet only holds a lousy 78.9 tonnes making it number 38 in physical holdings."
First, central banks are neither speculators nor profit-seeking institutions.
Second, gold was demonetized or at least thought to have been.
In order to understand this maybe you should start bellow.
https://books.google.com.au/books?i...=onepage&q=the demonetization of gold&f=false
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Gold, page-2415
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