Saturday, May 14, 2011

Goh Keng Swee golden legacy

USA do not have any foreign reserve, she has gold reserve. That is enough to tell you what is wealth. PAP is forever proud of her foreign reserve. Unfortunately our foreign reserve is soon going to worth less than toilet paper.

The flawed FX policy of LKY is going to wipe out our savings overnight. What is left after the inevitable collapse of USD is what Dr Goh Keng Swee has preserve through gold reserve.

After these years since 1968, Singapore has only increase our gold reserve by 26 tonnes. This is what the LKY has been doing. Lets hope I am wrong, and lets hope that LKY is secretly accumulating gold reserve for Singapore.

I am sure if Dr Goh is around, he will be doing that. 

Dr Goh bought Singapore's first 100 tons - around 101,600kg - of gold reserves from the South African Finance Minister, then Dr Nicolaas Diederichts, in a private exchange at the World Bank meeting in 1968. The minister reportedly went to Dr Goh's hotel room and turned up the TV volume before discussing the deal.

After agreeing to sell the gold, he took out a United States dollar note and cut it in half, giving one half to Dr Goh.

This was used for verification of identity when the Singapore representatives - Mr Ngiam Tong Dow and veteran banker Wee Cho Yaw - later met the South African sellers in Switzerland.

And that's how Singapore obtained its first gold reserves, at US$40 per ounce.
As of March, Singapore had about US$212 million in official gold reserves, according to the MAS website. Gold price is now nearly US$1,250 an ounce. [link]


Anonymous said...

Woah ...... even Philippines has more than Singapore ....

Anonymous said...

In addition to their reserves, the Philippines is also rich in gold deposits.

Anonymous said...

According to World Gold Council latest report. as of 2013, Singapore gold reserve remain the same. While Thailand have catch up over Singapore at place 25, pushing Singapore to 27.

I would like to add a few more question for thought

1)Was the 27.4 tons of gold added physical form or paper certifcate?

2)Was the 100 tons of gold under the safekeeping of other country? Since we might not have any storage for them in 1968.

3)If yes, would there even be 100tons of gold when fiat currency fail? Since we do not have the economic and military muscles to be like Germany to repatriate their gold from Federal Reserve.