Gold Reserves Quotes

All issues - purchasing and selling of currency - are related to the regulation of the national currency market. However, it is still difficult to say what will be the reaction of the Central Bank and if it would lead to increasing the gold and foreign currency reserves.

You could take all the gold that's ever been mined, and it would fill a cube 67 feet in each direction. For what that's worth at current gold prices, you could buy all -- not some -- all of the farmland in the United States. Plus, you could buy 10 Exxon Mobils, plus have $1 trillion of walking-around money. Or you could have a big cube of metal. Which would you take? Which is going to produce more value?

Therefore today we have an absolutely sufficient level of gold and foreign currency reserves in order to ensure economic stability and sustainable foreign trade turnover.

I believe the world economy will crash when Russia or China moves to a gold-backed currency. They know that when this thing blows, the old law returns: he with most gold makes the rules.

Gold is hoarded. It's estimated that 95 percent of all gold ever mined is still around.

You could own coins but you couldn't have bars of gold. We were on the gold standard. I think it was Nixon who took us off the gold standard.

Central banks are choosing to increase their gold holdings as a percentage of total reserves. They obviously think there is a reason to do that. It doesn't make sense to back up one currency with a hoard of other paper currencies. There needs to be a real anchor there. I think that central banks are well behind the curve. If you look at the percentage of above-ground gold controlled by central banks, it's historically low. Hence the fact that central banks are trying to increase their holdings. They've got a long way to go to get where they need to be.

As far as the Russians were concerned, I felt the reverse; they had adequate gold, if they wanted to buy, and they weren't dependent upon international trade. I felt they were more self-sufficient.

Miners produce the bullion. If there is going to be more demand for gold from investors and central banks, where is the gold going to come from? They have to dig it out of the ground and sell it. As the price of gold goes higher, their profit margins increase. So if you are very bullish like I am and think there is going to be a big increase in gold, it's a huge opportunity for miners.

I have criticized it [Europe], but I repeat: we keep 40 percent of our gold and foreign currency reserves in euros, we are not interested in the collapse of the Eurozone, but I do not rule out the possibility of decisions being made that would consolidate a group of countries equal in economic development and this, in my opinion, will lead to a consolidation of the euro. But there can also be some interim decisions in order to keep the present number of members of the Eurozone unchanged.

Most paper money initially existed as a substitute for gold. That's what gave it value. But right now what gives a currency value is other currency. Most countries hold reserves and the reserves are other currencies. If you are a backing up the euro with the dollar, what's backing up the dollar? I don't think it is going to go to a point where all you have is coins and bars of gold, but I do think that we are going to have to go back to a monetary system based in gold, not based on paper.

If everything stops functioning our level will be able to ensure our trade turnover using its gold and foreign currency reserves for at least six months or more, which is more than enough.

But not gold in commercial quantities, Just enough gold to make the engagement rings And marriage rings of those who owned the farm. What gold more innocent could one have asked for?

In all the thrashing about that results from our dwindling gold reserves, it's about time that this country and other countries get some perspective on the situation. The day this country is out of the stuff, that day gold becomes what it's worth as a metal and no longer will have much significance as a monetary measurement. It isn't the gold we have that makes this nation rich. It's what we make, our knowhow, our productivity. So long as this country produces more and better, the world will continue to want what we make.

We look at gold from the view of the Indian market, which loves to buy more and more gold.

I did not know that mankind was suffering for want of gold.

This is also evident in Europe, not the dependence on oil and gas, but the fact that structural reforms are long overdue, and I think that the leading economies are very pragmatic and efficient in addressing the issues facing the European economy. That is why we keep approximately 40 percent of our gold and foreign currency reserves in euros.

We can tell the general public that the gold and foreign currency reserves of the Central Bank are not designed to finance the economy, but rather to ensure foreign trade turnover. Therefore, we need this level to be able to provide the necessary foreign trade turnover for such an economy as Russia's for a period of at least three months.

The communists basically acted as the police force of the security system of the [Spain] Republic and were very much opposed to the anarchists, partially because [Joseph] Stalin still hoped at that time to have some kind of pact with Western countries against [Adolf] Hitler. That, of course, failed and Stalin withdrew the support to the Republic. They even withdrew the Spanish gold reserves.