Australia has a national gold reserve of 80 tonnes(1). This gold is owned by the Australian government, controlled by the Reserve Bank of Australia and represents a sizeable portion of the wealth of the Australian people.
However these national gold reserves are not located on Australian soil, but rather are held in London, deep within the vaults of the Bank of England. Australia itself holds little physical gold bullion. Instead Australia possesses a claim-check from the BoE for our own national gold supply.
The problem is that we have no proof that the gold is really there or whether the Bank of England can even honour these claim-checks. The English bankers continue to tell us that our gold is safely secured however the RBA has never once conducted a full audit of Australia’s gold reserves within the BoE. The woefully inadequate inspections that have taken place have enabled England to dictate the conditions of these audits(2).
Instead Australia continues to faithfully and blindly accept the assurances that all of our gold is safely stored within their vaults. This wilfully ignorant position is even more concerning if we consider the possibility that Western central banks have for years been selling their physical gold reserves to Eastern buyers(3), and potentially that the gold is no longer even there! It is because of this uncertainty that we request that our gold be returned to Australia.
We must all understand the importance of gold reserves. Gold is to central banks as the sun is to vampires. Precious metals chain the debt based FIAT currency system to reality, as an artificially expanding currency supply will always have its true value reflected in the prices of physical assets. That is why the central banks of the world manipulate and suppress the price and supply of gold, to ensure that the real value of FIAT currencies in never actually realised(4).
Thus the purpose of a national gold reserve is to serve as a national economic insurance scheme. In a period of unprecedented monetary policy, initiated under the justification of the Corona Virus pandemic, central banks have lowered interest rates to record levels and have been printing currency to support the financial markets and maintain asset prices. With the global financial architectures attempting to restructure and assimilate themselves under the auspices of “The Great Reset”(5), the future of the global monetary system is increasingly turbulent. However gold will always be a fundamental store of true value and remains as an insurance policy against any future uncertainty.
It is in the spirit of national economic sovereignty that we request:
- A full and complete audit of 100% of Australia’s gold bars. Australia needs to know for certain whether our gold is still within the Bank of England’s control. If the BoE is found to no longer own the bars of gold, the BoE must replace these gold reserves (with gold, not cash or paper certificates).
- The immediate repatriation of all of Australia’s gold reserves from the Bank of England. To ensure we have access to our gold in times of emergency, Australia’s national gold reserve must be returned to Australian soil. This also includes any gold currently involved in leasing arrangements. Doing so will greatly decrease our counter party reliance upon the Bank of England and will greatly improve our economic sovereignty.
- That the RBA begins accumulating physical gold as a primary objective of monetary policy. Since Peter Costello’s ridiculous decision in 1997 to sell 167 tonnes of Australia’s gold at rock bottom prices(6), the RBA’s holdings of gold have not changed since that date(1). The RBA should resume purchasing gold reserves to serve as a national store of wealth and as a buffer against any future global economic uncertainty. A proportion of national gold production to be exclusively reserved for national reserves may be appropriate.
If these policies can be adopted Australia will be well on the path towards reclaiming sovereignty over our monetary system. These requests have been submitted as an open letter to the RBA governor. If you like these ideas please sign the letter and our petition on the Parliamentary website.
1) https://www.rba.gov.au/qa/gold-holding.html 2) Adams/North: A New Gold Scandal – England Denies Australia Access To It’s Gold 3) https://bmg-group.com/canada-sells-its-gold/ 4) https://www.gata.org/about 5) https://www.weforum.org/great-reset 6) https://www.dailyreckoning.com.au/the-worst-financial-decision-in-history-selling-gold/2020/01/24/