19 Dec 2012
by Jacque Fresco
After a campaign throughout 2012 to
seek clarity in regards to the location of Australia’s Gold Reserves
the Reserve Bank of Australia (RBA) has confirmed today in an email to me that
99.9% of their Gold Reserves are held in the gold vault of the Bank of
Please read below for the text of the RBA’s email response to me dated
Thank you for your email.
As at end-June 2011 the Reserve Bank
of Australia held 80 tonnes of gold in London Good
Delivery bars. The Reserve Bank holds 99.9 per cent of its gold reserves in
the United Kingdom at the Bank of England. The remaining 0.1 per cent is held
at the Reserve Bank’s Head Office in Sydney.
London is a major global gold trading
market and the Bank of England provides a secure and cost-effective storage
location for central banks and market participants. The Reserve Bank has
processes in place to ensure that the gold reserves are maintained
appropriately. It is not considered necessary from management, security or
operational perspectives to relocate the gold bars to a facility in
The Reserve Bank has reviewed its
approach to releasing details about its management of the physical reserves of
gold and decided to release the above information.
Please note that we answered your
previous questions as a routine public enquiry. The FOI Act concerns itself
with the release of documents, rather than answering questions, so a request
must seek documents to be valid.
Chris Collins | Manager | Media &
Public Relations Office
RESERVE BANK OF AUSTRALIA | 65 Martin Place, Sydney NSW 2000
p: +61 2 9551 9830 GRATUIT +61 2 9551 9830 | f:
+61 2 9551 8033 | w: www.rba.gov.au
I would like to thank Bullion
Baron for their assistance in this matter and the
encouragement and support of management and several clients of ABC Bullion, Sydney.
If you wish to view some of the gold stored in the Bank of England gold vault
and see probably one of Australia’s gold bars watch this recent video tour
of the vault.