Irish Gold Reserves-Where did all the Gold go?

Adrianno28

I didn't know Ireland had such a small amount of actual gold reserves.....and from 1997 -2010.. nearly half of it disappeared... although I cannot recall hearing about it online, in newspapers pr on TV.......any ideas?:eek:

http://www.24hgold.com/english/stat_country_detail.aspx?titre=central%20bank%20gold%20reserves%20%28in%20ounces%29&pays=Ireland&deid=19576B1670

Jawgap

The ECB in Frankfurt - although the gold wasn't actually physically transferred.

hfallada

We had to give up gold for joining the Euro. The same way we cant have our own reserves of any other currency. Our monetary policy is carried out by the ECB

DoomZ

Its all gone on those Gold plated Ministerial and TD pensions.

BoJack Horseman

hfallada wrote: »

We had to give up gold for joining the Euro.

None of the 19 eurozone members are allowed to possess gold?

Jawgap

BoJack Horseman wrote: »

None of the 19 eurozone members are allowed to possess gold?

As an investment, yes they can. But the ECB manages the reserves that underpin currency.

Ireland still has about 6 tonnes of gold (I think) - the real kicker is that it's held at the Bank of England!!! :eek::eek:

Adrianno28

[QUOTE- the real kicker is that it's held at the Bank of England!!! :eek::eek:[/QUOTE]

:eek::eek::eek::eek:

unbelieveable.... but typical

Iv also been informed that there are billions in gold coins and "treasure" in shipwrecks under the oceans of the world... thousands of them.... why cant Ireland be the first country to get its act together, get the technology, the ships and go get it!! Sounds strange but this company spent 2 million to get gold worth 500 million (dollars) http://www.shipwreck.net/

Is it a runner??

chrysagon

KINSEALY!!!

Jawgap

No point in us building a vault to the keep the stuff in when there's a perfectly serviceable facility available to us.

Phoebas

Adrianno28 wrote: »

unbelieveable.... but typical

Iv also been informed that there are billions in gold coins and "treasure" in shipwrecks under the oceans of the world... thousands of them.... why cant Ireland be the first country to get its act together, get the technology, the ships and go get it!! Sounds strange but this company spent 2 million to get gold worth 500 million (dollars) http://www.shipwreck.net/

Is it a runner??

Ireland should invest in risky get rich quick schemes?

I can't see how anything could go wrong with that.

srsly78

Billions of gold? Pfff... Sure don't we have trillions worth of oil and gas! All we have to do is... err... Something with drilling and ships? Can't be that difficult.

lmimmfn

we were escorted to Cash For Gold by the ECB

FreudianSlippers

lmimmfn wrote: »

we were escorted to Cash For Gold by the ECB

I don't think that's true.

View

Adrianno28 wrote: »

I didn't know Ireland had such a small amount of actual gold reserves.....and from 1997 -2010.. nearly half of it disappeared... although I cannot recall hearing about it online, in newspapers pr on TV.......any ideas?:eek:

http://www.24hgold.com/english/stat_country_detail.aspx?titre=central%20bank%20gold%20reserves%20%28in%20ounces%29&pays=Ireland&deid=19576B1670

Note 18 in the CBI's 1999 Annual Report explains much of that I'd say. It hasn't disappeared at all.

http://www.centralbank.ie/publications/Documents/1999%20Annual%20Report%20of%20the%20Central%20Bank%20of%20Ireland.pdf

Mullicker

Also.

Note 27 Claims Equivalent to the Transfer of Foreign Reserves
The Treaty on European Union, 1992, provides for the transfer of a proportion of foreign reserve assets of participating NCBs to the ECB. While these assets are the property of the ECB they are managed by the NCBs. Under this provision the Bank transferred an amount equivalent to 425 million to the ECB between 4 and 7 January 1999. The reserves were in the form of gold (15%) and cash and securities (85%). The currency component comprised US dollars (90%) and Japanese yen (10%). This claim which is denominated in euro is remunerated by the ECB at an interest rate equivalent to eighty-five per cent of the Main Refinancing Operations rate i.e. the ‘repo rate’ (Note 7(i) and 23(i)).