I found a chart which plotted the Irish Central Banks Gold Reserves over the history of the State one a politics.ie thread some time ago. I can’t find the link now. Does anyone have insight on a similar resource + link? Much appreciated. Thanks.
Is this what you are looking for:
Date Quantity (Ounces) Quantity (tons) Variation n-1
1/1/2010 192,904.48 6.00 9.09%
1/1/2009 176,829.11 5.50 -1.79%
1/1/2008 180,044.18 5.60 0.00%
1/1/2007 180,044.18 5.60 1.82%
1/1/2006 176,829.11 5.50 0.00%
1/1/2005 176,829.11 5.50 0.00%
1/1/2004 176,829.11 5.50 0.00%
1/1/2003 176,829.11 5.50 0.00%
1/1/2002 176,829.11 5.50 0.00%
1/1/2001 176,829.11 5.50 0.00%
1/1/2000 176,829.11 5.50 0.00%
1/1/1999 176,829.11 5.50 -60.71%
1/1/1998 450,110.45 14.00 25.00%
1/1/1997 360,088.36 11.20 0.00%
1/1/1996 360,088.36 11.20 0.00%
1/1/1995 360,088.36 11.20 0.00%
1/1/1994 360,088.36 11.20 0.00%
1/1/1993 360,088.36 11.20 0.00%
1/1/1992 360,088.36 11.20 0.00%
1/1/1991 360,088.36 11.20 0.00%
On the plus side, nobody can demand gold from us as collateral for bailout loans!
I am sure its pure co-incidence that the big sale of reserves in 1999 was the exact time that Gordon Brown decided to sell off a large part of the UKs reserves. Must be a conicidence because our Central bank can think for themselves!
As an aside…
Gordon Brown takes alot of slack for that move. Think the opportunity cost at todays prices is about Stg15bln
However, he also shorted the Internet Bubble at about the same time, selling the UK Mobile Phone licenses for Stg 27.5bln. They would acheive a fraction of that now
So shorting .com and shorting Gold at the same time…Lets call him even!
Great thanks exactly what I was looking for, why I love this place. Now on to my next question…
WTF happened in 1968-1970?
Why did the Irish Central Bank dramatically increase our reserves and then reduce its position to a few tonnes less than it started with? At one point we had 70 tonnes of Gold. Today we have about 6 tonnes.
What have I forgotten in history that caused such bizarre actions? Was it just before the troubles kicked off and a war chest was being amassed for a Plan B?
Was it Decimalization?
Ireland also Joined the EC in 1973.
So they sold a big heap of gold at precisely the low point.
Is there anything these goons got right??
I ran a chart from 1900 up to 2010 here, measuringworth.com/gold/
The index seems totally stable… but then things change more or less exactly when the Irish Central Bank splashed out.
Did someone know something in the Irish Central Bank and then the position was liquidated by external forces or was it a play to use/disperse, buying around multiple and compliant Central Banks to accumulate gold very quickly and then have directed to a final resting place. What were other Central Banks doing at the time.
Those charts for comparison would be great. The energy Oil crisis happened in 1973 If I am not mistaken.
well with only 6 tonnes theres hardly had any chance of NATO airstrikes! Is the gold held here in ireland or over in the Bank of England?
So it looks we were copying the Brits again.
The gold standard ended in 1971.
Yea I got that in my history but it I don’t know how that figures in events unless foreknowledge and a greater scheme was in play and if so today would make perfect sense if you believed the Chinese are not the only ones to play a very very long game.
From 67-68 the reserves where ramped up to a level about 300%, thats a colossal amount over a very short period of time. Its like someones hand was stapled to the buy button even though computers where not readily available at the time. I simply don’t understand it. Its very anomalous behavior and its needs to be explained.
Certainly some or all of it was held in the Sandyford mint at one stage. A central banker person of my acquaintance got to see it once. Not a very impressive pile according to him.
About 500 LGD bars. Maybe the volume of a sofa or two?
There was yet another Sterling Crisis in the period '66 to '68. The Gnomes of Zurich and all that. During the 1960’s the UK TV news was obsessed with the export numbers, foreign reserves and the Sterling area. Then once they moved to a floating exchange rate none of this mattered any more.
Ok but what does that tell me?
Also here is the same graph for the United Kingdom, they have a similar outlier burst like our but around 1940. So the connection between the two graphs is WAR. So I am back to the troubles or the build up. Who ordered the massive buy and the massive sell and why? Was it to preserve the currencies stability or protect the nations wealth?
The 1940 bulge is when the gold of the occupied countries, Norway, Netherlands, Belgium etc was transferred to the UK for the duration of the war. I think most of the Banque de France gold ended up in UK hands too. (that was a lot of gold). The Bank of England then promptly packed it on a few battleships and sent it to Canada. A lot of the UK gold went to pay for Lend Lease material. The US pretty much asset stripped the UK during WW2. Post WW2 most of the ups and downs are due to the periodic Sterling crises, the one in '57 engineered by the US. After '72 most of the decline was due to the dissolution of the Sterling Area and the member countries cashing out their reserves.
And then Brune had his going out of business sale where he sold of the rest for next to nothing.
The ECB took about 8 tonnes of our Gold in 1999. That explains that particular fall in the chart…
Still no answer to ma question. This is driving me mad!
Keep digging OW, I’m quite keen to know myself, it’s an interesting one. You might have to find a FF pinster for that though which may be in short supply around here.
If you do find one though you might ask them what the governement Jet was doing in Vegas during Harney’s trip to the US.
(No I won’t leave it lie. )