99.9% of Australia’s Gold Is Held In Bank Of England

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I would seriously be worried if I was Australian since 99.9% of its gold is stored in the Bank of England’s vaults. When the SHTF, good luck in getting it back. So many countries over the last few months have admitted to their gold being stored overseas either at the Fed or the Bank of England. 

The email below from the RBA has been made available on ausbullion.blogspot.com.au who campaigned for the information.

After a campaign throughout 2012 to seek clarity in regards to the location of Australia’s Gold Reserves the Reserve Bank of Australia (RBA) has confirmed today in an email to me that 99.9% of their Gold Reserves are held in the gold vault of the Bank of England.

Please read below for the text of the RBA’s email response to me dated 19/12/12:

Thank you for your email.
As at end-June 2011 the Reserve Bank of Australia held 80 tonnes of gold in London Good Delivery bars. The Reserve Bank holds 99.9 per cent of its gold reserves in the United Kingdom at the Bank of England. The remaining 0.1 per cent is held at the Reserve Bank’s Head Office in Sydney.
London is a major global gold trading market and the Bank of England provides a secure and cost-effective storage location for central banks and market participants. The Reserve Bank has processes in place to ensure that the gold reserves are maintained appropriately. It is not considered necessary from management, security or operational  perspectives to relocate the gold bars to a facility in Australia.
The Reserve Bank has reviewed its approach to releasing details about its management of the physical reserves of gold and decided to release the above information.
Please note that we answered your previous questions as a routine public enquiry.  The FOI Act concerns itself with the release of documents, rather than answering questions, so a request must seek documents to be valid. 

Chris Collins | Manager | Media & Public Relations Office

Carbon Tax Destroying Australian Economy

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It’s a common theme across the Western developed economics whereby carbon taxes introduced (as a result of discredited science) at the worst possible time have placed a huge burden on business and its knock on effect in the wider economy. The Labor government under Jilian Gillard promised before coming to power that no such taxes would be introduced, but have since reneged on that promise. Now Australia is suffering with these new taxes within a short period of them being introduced.

A CARBON TAX is now responsible for destroying the economic prosperity of a nation.

With less than two months since the Gillard Government introduced the carbon tax in Australia, businesses are beginning to feel the pain of increased costs that are directly associated to the carbon tax.

Prior to being elected, Australia’s Prime Minister promised that the Australian Labor Party would not introduce a carbon tax. Ms Gillard was quoted “There will be no carbon tax under the government I lead”. Even the Treasurer of Australia was quoted as saying “certainly we reject this hysterical allegation that we are moving towards a carbon tax”. Click here to see them lie for yourself.

Before July 1 2012 when the carbon tax began, I posted a series or articles that argued why carbon taxes should be abolished.

Now that Australians have been paying carbon taxes for almost two months, evidence for the abolishment of this economically destructive tax is now clearer than ever.

Cost of the Australian Carbon Tax

  • In the Goulburn Valley of Victoria, a fruit packaging business has declared that it will have to startSACKING staff after paying a power bill, one month after the carbon tax was introduced, of more than $10,500 above average. (Source: ABC)
  • Local sporting clubs are being forced to reduce vital community programs due to the increase in electricity bills. One local sporting operation is facing a $100,000 increase in electricity bills over the coming year. (Source: Courier Mail)
  • A national survey of over 180 small businesses has found that 50 per cent are experiencing increased costs due to the carbon tax, but only 33 per cent are passing on the cost. Therefore, small business are being forced to absorb costs associated with the carbon tax to remain competitive. (Source: COSBOA)
  • A butcher in Brisbane has declared that he is unable to compete with the big supermarkets due to increased electricity bills. The butcher was quoted as saying “It was easier for me and my business to survive when I could keep my prices close to supermarket prices, but with meat prices going through the roof it’s hard – the carbon tax is the main reason”. (Source: News.com.au)
  • In the south-west region of Sydney, retailers are already feeling the pain of having to pay carbon taxes. One fruit retailer was quoted as saying that “the price of cucumbers have risen from $4.99 (kg) to 8.99 (kg) and tomato’s have risen from $5 (kg) to 8.99 (kg)”. Another retailer who owns a hair salon has said that his first carbon tax electricity bill had risen by $350 in the first quarter. (source:Adelaide Now)
  • CARBON TAXES are being blamed on the increase cost to feed children as school. Canteens / tuck shops are beginning to increase their prices as electricity bills begin to erode their viability. Some Canteens / tuck shops have increased their prices by as much as 10%. (Source: Courier Mail)
  • In South Africa, a country that only emits just over 1% of global c02 emissions, economists have warned that if they implement a carbon tax, the prosperity and growth of the South African economy will be severely restricted (Source: Mail & Guardian
  • The cost to run Victoria’s public transport systems will increase by as much as $53 million because of the carbon tax. (Source: Eco-Business.com)
  • A recent survey of over 110 firms from around the world found that they were 41 per cent less likely to invest in the Australian economy then 12 months ago (Source: News.com.au)
  • Markets in Sydney will have to absorb the costs of the carbon tax to ensure it’s retailers remain competitive. It has been estimated that they will have to absorb over $500,000 in costs. (Source: Inner West Courier)

Source: HangTheBankers

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