|19th Century Gold scales in the RBA Museum, Sydney.|
But where is the Gold kept?
Is it held in the basement of the RBA headquarters at 65 Martin Place Sydney?
Or is all the gold held offshore? and if so where?
In July 1997 then RBA governor Ian Macfarlane and then treasurer Peter Costello sold 167 tonnes, reducing Australia's gold reserves to just 80 tonnes (ie 68% of the gold reserves were sold). Read blog post on this subject here.
According to the Australian Bureau of Statistics the 1997 sale was of gold that was "already held overseas". Does this mean the remaining 80 tonnes was also held overseas at the time? Is it still overseas?
From the ABS:
Balance of Payments and International Investment Position, Jun 1997
"The gold holdings demonetised in June 1997 to meet the RBA's delivery commitments were already held overseas. Therefore non-monetary gold does not cross the Australian customs frontier and there is no entry in ABS international merchandise trade statistics (recorded trade basis) for these exports. Change of ownership adjustments are therefore required to the recorded exports data in the June quarter, and again in the September quarter 1997 for this publication and in the June, August and September 1997 issues of International Trade in Goods and Services, Australia"
I would welcome any insights that my followers may have in the comments section of this post.