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Author Topic:   Testing The Financial Apologists
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Message 506 of 582 (918435)
05-02-2024 1:33 PM
Reply to: Message 502 by Phat
05-02-2024 9:40 AM


Moderator On Duty Soon
I will recuse myself for the standard two days and then take over moderation of this thread.

--Percy
EvC Forum Director

This message is a reply to:
 Message 502 by Phat, posted 05-02-2024 9:40 AM Phat has replied

Replies to this message:
 Message 508 by Phat, posted 05-02-2024 3:28 PM Admin has seen this message but not replied

  
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Posts: 13082
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Member Rating: 2.4


Message 535 of 582 (918484)
05-05-2024 12:45 PM


Moderator On Duty
I am setting Phat's post rate to one per day.

--Percy
EvC Forum Director

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Message 544 of 582 (918534)
05-07-2024 3:46 PM
Reply to: Message 541 by Phat
05-07-2024 1:47 PM


Re: African Nations Repatrioting Gold Out Of US
I think what Theodoric is asking you to think about is why it would matter where a country stores its gold.
The map of gold reserves by country has no relevance to the mistaken point the article is trying to make. The US has 8.1 thousand metric tons in gold reserves. Other countries gold being stored here is not part of that 8.1 thousand metric tons. If some country is storing their gold here and decides to move it somewhere else our gold reserves remain at 8.1 thousand metric tons. It doesn't affect our gold reserves at all. Nor anyone else's.
If Nigeria were storing a few tons of gold here in the US and the US economy went completely into the tank it wouldn't affect the value of that gold at all, except when measured in terms of dollars whose value would of course drop. Moving the gold from the US to Nigeria would not increase or decrease the value of that gold. Only fluctuating gold prices could affect its value. The story you cited makes no sense.
Searching the Internet I found that story echoed at many questionable websites. I couldn't find any mention of it at any actual news site, not even Fox News. Given Russian disinformation efforts, it wouldn't be surprising to find that this nonsensical story originated there.
In the future please vet your information. I don't know why there is so much flim-flammery about gold out there, but there is. Make sure you find at least one legitimate news source mentioning a story. It doesn't matter if they have a completely different view or interpretation from your source, but just the existence of such a story from a legitimate news site would at least give us confidence that, using this case as an example, Nigeria and Saudi Arabia were actually storing their gold in the US and moved it to their own countries.

--Percy
EvC Forum Director

This message is a reply to:
 Message 541 by Phat, posted 05-07-2024 1:47 PM Phat has not replied

  
Admin
Director
Posts: 13082
From: EvC Forum
Joined: 06-14-2002
Member Rating: 2.4


Message 545 of 582 (918535)
05-07-2024 3:49 PM


Moderator Action
Temporarily increasing Phat's post limit to 3 posts per day to see if the feedback was meaningful for him.

--Percy
EvC Forum Director

  
Admin
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Posts: 13082
From: EvC Forum
Joined: 06-14-2002
Member Rating: 2.4


(1)
Message 552 of 582 (918559)
05-08-2024 4:05 PM
Reply to: Message 541 by Phat
05-07-2024 1:47 PM


Re: African Nations Repatrioting Gold Out Of US
The Houston Post's webserver is down.
Also, according to Central Banks that Keep Their Gold in Another Country published last year by Bunker Group, a precious metals firm (so consider this information tentative), it isn't true that Saudi Arabia kept their gold in the United States:
quote:
We have identified 3 main groups of countries based on where their gold is stored.
The first group is countries that keep all their gold at home. These include the USA, France, Russia, China, Turkey, Taiwan, Saudi Arabia, Great Britain and Spain.

--Percy
EvC Forum Director

This message is a reply to:
 Message 541 by Phat, posted 05-07-2024 1:47 PM Phat has seen this message but not replied

  
Admin
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Posts: 13082
From: EvC Forum
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Message 561 of 582 (918611)
05-15-2024 3:24 PM
Reply to: Message 558 by Phat
05-15-2024 11:55 AM


Re: The Issue Between Us Is Political
I've set your post limit to 1 per week. Get some help.

--Percy
EvC Forum Director

This message is a reply to:
 Message 558 by Phat, posted 05-15-2024 11:55 AM Phat has not replied

  
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