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Netherlands central bank: Gold is 'the perfect piggy bank' and can rebuild a financial system
Bitcoin.com's Graham Smith today calls attention to the article below he discovered at the internet site of the central bank of the Netherlands. It's unusual for a central bank to be so candid about gold's essential monetary properties and potential for repairing the financial system.
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De Nederlandsche Bank's Gold Stock
From De Nederlandsche Bank, Amsterdam
De Nederlandsche Bank (DNB) holds more than 600 tonnes of gold. A bar of gold always retains its value, crisis or no crisis. This creates a sense of security. A central bank's gold stock is therefore regarded as a symbol of solidity.
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DNB's gold vault stores 15,000 bars of gold, worth over 6 billion euros and representing a third (31%) of DNB's total gold stock. Another third (31%) is located in New York. This gold is stored in the vaults of the Federal Reserve Bank, on Manhattan's granite rocks. A larger share of the gold used to be stored there, but DNB retrieved part of it in 2014. The remaining 38% is stored in the vaults of the Canadian and UK central banks in Ottawa and London.
Shares, bonds, and other securities are not without risk, and prices can go down. But a bar of gold retains its value, even in times of crisis.
That is why central banks, including DNB, have traditionally held considerable amounts of gold.
Gold is the perfect piggy bank -- it's the anchor of trust for the financial system. If the system collapses, the gold stock can serve as a basis to build it up again. Gold bolsters confidence in the stability of the central bank's balance sheet and creates a sense of security.
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