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Is anyone here actually reading the article? Yes, they really made a gain of $15B: > But instead of refining and transporting the gold, it opted to sell the bars and purchase new bullion in Europe. […] Due to rising gold prices, the move helped the bank to generate a capital gain of 13 billion euros ($15 billion),
>However, an operation to repatriate its gold holdings began in the 1960s leading up to the US termination of the Bretton Woods system, which effectively stopped foreign governments from exchanging dollars for gold. French-US monetary history after WWII: Under the Bretton Woods agreement (1944-1971), the US dollar was the world’s reserve currency, and it was pegged to gold at $35 per ounce. Other countries pegged the…
De Gaulle was ahead of his time. He was very skeptical of the control that the US had over Europe through NATO. He left the alliance to build an independent French nuclear program which is paying dividends today amid the current leadership situation in the US.
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De Gaulle was ahead of his time. He was very skeptical of the control that the US had over Europe through NATO. He left the alliance to build an independent French nuclear program which is paying dividends today amid the current leadership situation in the US.
Certainly debatable. De Gaulle started this 'policy' in 1965 and it's mainly the current leadership situation that's been a problem—60 years later. So to a certain extent the policy in question was 'wrong' for decades. How "right" can you really consider them when it was a problem year after year, decade after decade: * https://en.wikipedia.org/wiki/Henny_Penny It reminds me of the folks that keep saying there will b…
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Oh yes that's what I mean. I don't like calling it the Netherlands.
Why not?
>However, an operation to repatriate its gold holdings began in the 1960s leading up to the US termination of the Bretton Woods system, which effectively stopped foreign governments from exchanging dollars for gold. French-US monetary history after WWII: Under the Bretton Woods agreement (1944-1971), the US dollar was the world’s reserve currency, and it was pegged to gold at $35 per ounce. Other countries pegged the…
> trade, then French Navy picked those gold bullions from NY I couldn’t find any clear news source or academic reference to that event. I see a lot of references on gold buying/selling sites mostly. I would imagine a Fench Navy ship docked NY and loading tons of gold would make quite a stir.
Moving tonnes of gold doesn’t look like huge pallets of gold with tarps over them like a James Bond movie. It looks like a handful of supply crates.
I imagine that the French Navy visits NY ports of a regular basis. Pretty normal for Navy’s to sail into the ports of allies during peace time. There would be nothing unusual about a French Navy vessel sailing into NY loading up with some supplies and leaving.
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If you buy $100,000 of RAM and just hoard them, and a shortage happens, you won't update their value according to their market price, until you sell them. That's it. It has nothing to do with whether your RAM is stored in New York or Paris.
You treat your brokerage account this way? I'm sure that the retirement funds don't.
If you're a fund that holds RAM in some indirect manner (like you hold hypothetical RAM futures) then it depends on whether your country's laws ask for market-to-market value for that specific kind of security.
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They repatriated 129 tonnes in total, its was absolutely impossible to make $15B from that since that’s what 129 tonnes are worth in total more or less.
They didn't repatriate the gold in the sense of physically moving it from the US to France. Instead, they sold the gold that was held in the US and used the money raised to buy gold from other sources, which is held in France. Different gold, and two financial transactions, accounts for the financial gain.
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So they had 129 tons of gold, and now they have 129 tons of gold and 11 billions of euros? Sounds like a good deal if so. Edit: wtf is going on with you for downvoting a question…
They had gold worth X to the market but X minus 11 billion on paper. So when France accounted for its gold in euro terms they would say they have X minus 11 billion Euros worth of gold. Now they still have the same amount of gold but they "realized" a gain of 11 billion. They don't have that much cash left after the repurchase but now they say they have X Euros worth of gold which is 11 billion more than before. So n…
Why was it worth “X minus 11 billions”?
>However, an operation to repatriate its gold holdings began in the 1960s leading up to the US termination of the Bretton Woods system, which effectively stopped foreign governments from exchanging dollars for gold. French-US monetary history after WWII: Under the Bretton Woods agreement (1944-1971), the US dollar was the world’s reserve currency, and it was pegged to gold at $35 per ounce. Other countries pegged the…
> trade, then French Navy picked those gold bullions from NY I couldn’t find any clear news source or academic reference to that event. I see a lot of references on gold buying/selling sites mostly. I would imagine a Fench Navy ship docked NY and loading tons of gold would make quite a stir.
Whether the exact ship was a battleship or a destroyer might make the search result.
>However, an operation to repatriate its gold holdings began in the 1960s leading up to the US termination of the Bretton Woods system, which effectively stopped foreign governments from exchanging dollars for gold. French-US monetary history after WWII: Under the Bretton Woods agreement (1944-1971), the US dollar was the world’s reserve currency, and it was pegged to gold at $35 per ounce. Other countries pegged the…
De Gaulle was ahead of his time. He was very skeptical of the control that the US had over Europe through NATO. He left the alliance to build an independent French nuclear program which is paying dividends today amid the current leadership situation in the US.
For which France was helped by the UK, so it certainly would make sense if France helped the europe and uk to build its own nuclear deterrence.