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425 sats \ 2 replies \ @kepford 27 Mar 2024
My biggest question is... how can any of this data be validated?
Just thinking about this. I have more confidence that the ETFs have the BTC they are supposed to have than I have confidence in any of the gold stats. More doesn't mean 100% but it would be far harder to fake BTC in ETFs than gold held by state actors.
If I'm wrong it is likely because I'm ignorant of how gold reserves are validated. There has to be more than trust me bro.
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1087 sats \ 1 reply \ @kr OP 27 Mar 2024
it can’t be validated in the same way the bitcoin network can, there are some people who actually believe the gold held in Fort Knox is not really there.
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50 sats \ 0 replies \ @kepford 27 Mar 2024
Yeah, I've heard that. I'm not in that camp. I mean maybe it isn't but I don't think the US has no gold. I just have suspicions about any numbers. They inflate other things, why not this.
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305 sats \ 1 reply \ @0xbitcoiner 27 Mar 2024
https://m.stacker.news/23407
🔗 https://www.gold.org/goldhub/data/gold-reserves-by-country
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8 sats \ 0 replies \ @xz 28 Mar 2024
That's very interesting. Did not know about the flow and decreases from Kazakhstan and Uzbekistan.
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142 sats \ 1 reply \ @oliverweiss 27 Mar 2024
Still far from the US gold reserves.
https://m.stacker.news/23394
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10 sats \ 0 replies \ @02bcd3eeb0 27 Mar 2024
If they also stole all the gold from their citizens like the US did, they would have more gold than "the US".
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134 sats \ 0 replies \ @grayruby 27 Mar 2024
Remember when Canada sold all it's gold?
Who needs a barbarous relic? Especially when you can just expropriate it from the plentiful number of mining companies that operate in the country if you really do need it.
Just wait until these nations figure out Bitcoin.
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50 sats \ 7 replies \ @Undisciplined 27 Mar 2024
Do you know who's selling?
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31 sats \ 5 replies \ @oliverweiss 27 Mar 2024
Mining companies?
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10 sats \ 4 replies \ @Undisciplined 27 Mar 2024
New mining output is a really small fraction of the total gold supply.
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163 sats \ 3 replies \ @oliverweiss 27 Mar 2024
Could be, yes. As far as I remember, I read somewhere that newly mined gold represents about 1-2% of the total supply per year, which could be a lot of new gold per year. But I am not sure, would have to look that up.
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10 sats \ 2 replies \ @Undisciplined 27 Mar 2024
Oh, that would be more than I thought. Still, I think there must be large sellers for those countries to accumulate that much, so quickly.
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131 sats \ 1 reply \ @oliverweiss 27 Mar 2024
Also, I personally don’t trust any numbers that Russia publishes. I am pretty surely they do buy. On the other hand they had to sell a couple of times in the past to intervene for their falling currency. A big chunk of their gold is actually not in their possession (but in the UK and other places) and so it is not clear whether they will see it again.
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31 sats \ 0 replies \ @kr OP 27 Mar 2024
Canada sold all their gold (i think in 2016), but not sure if they were really a meaningful contributor here
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10 sats \ 0 replies \ @kepford 27 Mar 2024
There's an odd phenomenon when it comes to bitcoiners and their view of fiat. Some seem to think that they are backed by nothing. I get it but after reading the Fiat Standard I realized this is foolish thinking. No fiat currencies are pinned to gold but they do have gold reserves. I said that because this chart if accurate is interesting. Like others have said this a long way from where the US is but its a trend.
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