Here is, IMO, some interesting data, collated from the ECB website. I'll just show the two graphs first, and include the underlying numbers below for all you stat porn junkies out there.
ECB gold reserves by weight
ECB gold reserves by valueMy take on this (the steady and significant reduction of ounces in reserve, in spite of the increased valuation of the reserves over time -- due to the steadily rising price per ounce) is that the ECB are delaying the inevitable repricing event that is on the horizon at distance-unknown. Patrick has a slightly different view of what is going on (which I won't share, but Patrick perhaps you might add a comment to explain it, if you see fit and happen to read this post? ;-) )
So much for the gold being hoovered up by all the Central Banks these days, eh? Looks to me like the ECB has over the past decade or so disposed of about 1/8th of its gold to someone or another.
Month €bn Ounces
199912 116.365 402,758
200001 116.213 401,639
200002 121.07 400,503
200003 116.026 400,503
200004 121.253 400,503
200005 117.206 400,503
200006 120.767 400,503
200007 119.628 399,539
200008 124.267 399,539
200009 124.739 399,539
200010 125.553 399,538
200011 123.809 399,537
200012 117.843 399,537
200101 115.022 404,119
200102 116.543 404,119
200103 117.632 403,153
200104 119.524 403,153
200105 127.174 403,153
200106 128.627 403,089
200107 122.286 402,639
200108 119.964 402,430
200109 129.009 401,904
200110 123.9 401,902
200111 124.437 401,903
200112 126.085 401,876
200201 131.353 401,877
200202 137.9 401,878
200203 138.749 401,607
200204 137.076 400,644
200205 139.312 400,404
200206 127.808 400,277
200207 124.65 400,279
200208 127.333 400,278
200209 131.41 400,278
200210 128.544 400,114
200211 128.543 399,951
200212 130.414 399,022
200301 135.477 398,728
200302 128.18 397,765
200303 122.25 397,765
200304 119.901 396,324
200305 121.129 396,233
200306 119.975 396,229
200307 124.208 396,277
200308 135.993 395,632
200309 131.679 395,444
200310 131.37 395,284
200311 130.955 394,294
200312 130.012 393,543
200401 127.034 393,542
200402 125.449 393,540
200403 136.406 393,539
200404 127.972 393,536
200405 126.51 392,415
200406 127.751 392,324
200407 127.515 392,221
200408 131.89 392,222
200409 131.371 392,200
200410 130.956 391,961
200411 133.418 391,219
200412 125.409 389,998
200501 126.122 389,435
200502 127.58 388,411
200503 127.735 387,359
200504 129.606 385,428
200505 129.273 384,622
200506 138.201 382,323
200507 135.239 381,223
200508 135.153 380,520
200509 149.441 380,258
200510 148.142 378,357
200511 158.783 377,023
200512 163.445 375,861
200601 176.297 375,626
200602 175.526 374,888
200603 179.685 373,695
200604 191.688 373,166
200605 188.259 370,982
200606 178.888 370,694
200607 183.25 369,890
200608 179.356 369,671
200609 174.17 367,958
200610 174.727 367,426
200611 179.425 366,229
200612 176.284 365,213
200701 183.314 365,051
200702 183.31 364,605
200703 180.423 363,109
200704 179.918 361,563
200705 176.533 360,324
200706 172.809 358,768
200707 173.569 357,492
200708 175.156 357,219
200709 187.034 356,925
200710 194.41 355,749
200711 188.584 355,290
200712 200.978 353,688
200801 219.588 353,672
200802 226.302 353,302
200803 208.447 353,077
200804 197.788 352,885
200805 201.455 352,714
200806 207.914 352,331
200807 206.462 351,099
200808 198.389 350,933
200809 216.843 350,651
200810 200.509 350,038
200811 223.822 349,735
200812 217.047 349,207
200901 251.237 350,174
200902 263.086 349,418
200903 240.403 349,076
200904 231.454 347,868
200905 240.658 347,801
200906 229.799 347,563
200907 230.83 347,548
200908 232.67 347,532
200909 236.114 347,217
200910 243.989 347,214
200911 271.717 347,183
200912 266.06 347,180
201001 268.103 347,179
201002 283.537 347,178
201003 287.317 347,176
201004 307.476 347,173
201005 340.619 347,163
201006 351.937 347,156
201007 311.379 347,018
201008 340.997 347,017
201009 332.299 346,994
201010 337.241 346,994
201011 369.335 346,991
201012 366.19 346,962
201101 336.293 346,987
201102 353.909 346,986
201103 351.458 346,988
201104 358.546 346,987
9 comments:
Here's a thing: the rate of decline in the weight held is levelling out.
350,000,000,000 troy oz = 10,886,216.95 metric tonnes
That's still pretty much a butt-load of gold, eh?
Might want to divide that by 1000, but yeah, that's still a lot.
Must admit after I copied & pasted from online converter, I thought 'that really IS rather a lot!' Hahaha
Thanks for keeping me honest. I'm not really a Details Man, but that really is unacceptably undetailed!
Just shows, you can never trust anything on the Internet...
in order to start a new game of monopolie.. everybody needs some chips .. otherwise nobody wants to play....
Was the letting go of collateral an exercise in "establishing credibility"? Show certain people you are good to your word and gold will be provided, if necessary, to extinguish all debts at the published price. Eventually they then come to see that your word is good and it's not necessary to collect the gold all the time after all.
Everyone can afford (and buy) at least one grain of gold, there cheap as chips.
Regards
Ozzy
Or... this (the lease and sales conversation starting there) might be an interesting thing to ponder as an alternative explanation..?
Establishing credibility : yes. :P
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