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World Official Gold Holdings Ranking – December 2008

Gold News Report
January 22, 2009, By: Bill Chiam, GoldTraderAsia.com

The world official gold holdings (December 2008) in tonnes as reported by the World Gold Council

SINGAPORE: World Gold reserves (or gold holdings) are held by central banks as a store of value.

The world gold reserve total 29,697.1 tonnes, or in excess of 29697100 kg, 954798572.48 troy ounces, with total value at today gold price equal to about US$753 Billion dollar.

Singapore gold reserves (or gold holdings) total 127.4 tonnes, or in excess of 127400 kg, 4096067.90 troy ounces, with total value at today gold price equal to about US$32 Billion, or S$48 Billion dollar.

As one metric tonne equals 1,000 kilograms (or 32,150 troy ounces), one tonne of gold equates to a value of US$25 million at January 2009 gold prices (US$861.34/troy ounces).

The world gold reserves as reported by the World Gold Council (December 2008) as shown in the breakdown of individual countries. USA as independent countries, has the largest gold reserves. But in total the Euro Area (incl. ECB) have the largest gold reserves (10,886.8 tonnes as of December 2008).

Note: Value of Metal is calculated as of January 21, 2009. GoldTraderAsia.com takes no responsibility for any misapprehension.

World Official Gold Holdings Ranking:

01. United States – 8,133.5 Tonnes
02. Germany – 3,412.6 Tonnes 03. International Monetary Fund – 3,412.6 Tonnes 04. France – 2,508.8 Tonnes 05. Italy – 2,451.8 Tonnes 06. Switzerland – 1,040.1 Tonnes 07. Japan – 765.2 Tonnes 08. Netherlands – 621.4 Tonnes 09. People’s Republic of China – 600.0 Tonnes 10. European Central Bank – 533.6 Tonnes 11. Russia – 495.9 Tonnes 12. Republic of China (Taiwan) – 422.4 Tonnes 13. Portugal – 382.5 Tonnes 14. India – 357.7 Tonnes 15. Venezuela – 356.4 Tonnes 16. United Kingdom – 310.3 Tonnes 17. Lebanon – 286.8 Tonnes 18. Spain – 281.6 Tonnes 19. Austria – 280.0 Tonnes 20. Belgium – 227.5 Tonnes 21. Algeria – 173.6 Tonnes 22. Libya – 143.8 Tonnes 23. Saudi Arabia – 143.0 Tonnes 24. Sweden – 139.5 Tonnes 25. Philippines – 138.1 Tonnes 26. Singapore – 127.4 Tonnes 27. Bank for International Settlements – 125.0 Tonnes 28. South Africa – 124.4 Tonnes 29. Turkey – 116.1 Tonnes 30. Greece – 112.7 Tonnes 31. Romania – 103.7 Tonnes 32. Poland – 103.0 Tonnes 33. Thailand – 84.0 Tonnes 34. Australia – 79.8 Tonnes 35. Kuwait – 79.0 Tonnes 36. Egypt – 75.6 Tonnes 37. Indonesia – 73.1 Tonnes 38. Kazakhstan – 71.9 Tonnes 39. Denmark – 66.5 Tonnes 40. Pakistan – 65.3 Tonnes 41. Argentina – 54.7 Tonnes 42. Finland – 49.1 Tonnes 43. Bulgaria – 39.8 Tonnes 44. West African Economic and Monetary Union – 36.5 Tonnes 45. Malaysia – 36.4 Tonnes 46. Slovakia – 35.1 Tonnes 47. Peru – 34.7 Tonnes 48. Brazil – 33.6 Tonnes 49. Bolivia – 28.3 Tonnes 50. Ukraine – 26.4 Tonnes 51. Ecuador – 26.3 Tonnes 52. Morocco – 22.0 Tonnes 53. Nigeria – 21.4 Tonnes 54. Belarus – 20.4 Tonnes 55. South Korea – 14.3 Tonnes 56. Cyprus – 13.9 Tonnes 57. Czech Republic – 13.1 Tonnes 58. Netherlands Antilles – 13.1 Tonnes 59. Jordan – 12.7 Tonnes 60. Serbia – 12.5 Tonnes 61. Cambodia – 12.4 Tonnes 62. Qatar – 12.4 Tonnes 63. Laos – 8.1 Tonnes 64. Latvia – 7.7 Tonnes 65. El Salvador – 7.3 Tonnes 66. Economic and Monetary Community of Central Africa – 7.1 Tonnes 67. Guatemala – 6.9 Tonnes 68. Colombia – 6.9 Tonnes 69. Macedonia – 6.8 Tonnes 70. Tunisia – 6.8 Tonnes 71. Lithuania – 5.8 Tonnes 72. Ireland – 5.5 Tonnes 73. Sri Lanka – 5.3 Tonnes 74. Mexico – 3.8 Tonnes 75. Bangladesh – 3.5 Tonnes 76. Canada – 3.4 Tonnes 77. Slovenia – 3.2 Tonnes 78.. Aruba – 3.1 Tonnes 79 Hungary – 3.1 Tonnes 80. Mozambique – 3.0 Tonnes 81. Kyrgyzstan – 2.6 Tonnes 82. Luxembourg – 2.3 Tonnes 83. Albania – 2.2 Tonnes 84. Hong Kong – 2.1 Tonnes 85. Tajikistan2.1 Tonnes 86. Iceland 2.0 Tonnes 87. Papua New Guinea – 2.0 Tonnes 88. Mauritius – 1.9 Tonnes 89. Trinidad and Tobago – 1.9 Tonnes 90. Yemen – 1.6 Tonnes 91. Suriname – 1.4 Tonnes 92. Cameroon – 0.9 Tonnes 93. Honduras – 0.7 Tonnes 94. Paraguay – 0.7 Tonnes 95. Dominican Republic – 0.6 Tonnes 96. Gabon – 0.4 Tonnes 97. Mauritania – 0.4 Tonnes 98. Central African Republic – 0.3 Tonnes 99. Chad – 0.3 Tonnes 100. Republic of the Congo – 0.3 Tonnes 101. Uruguay – 0.3 Tonnes 102. Fuji – 0.2 Tonnes 103. Estonia – 0.2 Tonnes 104. Chile – 0.2 Tonnes 105. Malta – 0.2 Tonnes 106. Costa Rica – 0.1 Tonnes

God Bless,
Bill Chiam

Long Valley Scout sees different world, makes a difference

Long Valley Scout sees different world, makes a difference
WASHINGTON TWP. – A 17-year-old Long Valley Girl Scout has returned home after delivering blankets to the poor in a Kenyan village while also taking time for a safari and turning down a wedding proposal.

Read more on Observer-Tribune

Gold to Rise?

So with the credit crunch and economic slump still with us, oil still sliding (and giving confusing pricing signals) what will gold do this year?

The inflation bears look at all the government debt and say, it’s good news for us, even though price deflation is more likely than an upturn in price inflation.

The strength of the slump is too strong and economies from Australia, to the US, Japan and Europe, are still feeling the pinch and will go on doing so for months to come.

But the combination of low interest rates, government bailouts and huge Government debt, makes gold bugs bullish and feel giddy.

Just how that will stimulate inflation in the midst of the worst economic downturn for 80 years, is a little mysterious.

The respected London-based researcher, GFMS said last week in its first look at the prospects for gold in 2009, that gold prices may climb to a record in the first half of this year because those historically low interest rates could weaken the dollar and government bailouts spark inflation.

Gold reached a record $US1,033.90 an ounce on March 17 and since then has fallen back to trade between US800 an ounce and $US900 an ounce.

According to media reports GFMS reckons gold could very well top the $US1,000 an ounce mark in the June half.

GFMS forecast in its September gold update that gold would rally to $US950 an ounce at the end of 2008. That was $US70 more than the actual year-end price.

The group still believes the gold bull market may now be extended, with a peak higher than previously expected sometime in the first half. It sees a weaker US dollar boosting the metal; (So far no sign of that though).

But the group also cautioned that the deflationary pressures, which should emerge more strongly in the second half of the year, could push gold prices down to around $US700 an ounce.

“It might be thought that recessionary conditions and an associated decline in inflationary pressures could undermine” demand, lowering prices to about $700 an ounce.

“This money-printing will at some point usher in a period of high inflation. Deflationary pressures could only be in evidence for a relatively short time.”

“The rally is unlikely to be derailed by supply due to relatively flat mine output, subdued central bank sales and, unless prices go to $950, little change for scrap supply,” GFMS said.
The group said that the massive fiscal commitments made by the US government could alarm foreign investors and cause official inflows into the Treasury debt market to weaken, undercutting support for the dollar.

(The US Treasuries market in particular seems to be a bomb waiting to explode with yields at record lows which do not seem sustainable)

Expecting stimulus and bank support spending in the US and UK to be announced this week and next will add more than $US1.2 trillion to that already bloated spending.

GFMS said in the report that it believed that strong investor demand for the metal had been “masked” by heavy selling by hedge funds which required cash to cover losses elsewhere, meet margin calls and pay for redemptions. And if it wasn’t for the selling, prices would have bounced back over the $US1,000 level.

While it expects mine production to remain stable at 1,170 tonnes in the first half, it predicts investment demand for bars may climb 49% to 201 tonnes, while consumption from jewelers and other fabricators probably could drop 4% to 1,254 tonnes.

Demand for gold has been hit by the downturn from the jewellery and industrial sectors, while demand for coins and investment in physical metal has been very strong for months. Many producers of specialist gold coins and other products have a long waiting list of clients wanting to buy.

On the supply side GFMS said gold output in South Africa in 2008 fell by the largest amount in 107 years, pushing the country into third place in the league of global producers behind China and the US.

The country’s gold output dropped by an estimated 14%, the sharpest decline since 1901.

South Africa gold production was a provisional 232 tonnes, down 38 tonnes on 2007, thanks to power supply limitations, an industry-wide skills shortage and an overhaul of mine safety procedures.

China extended its lead as the world’s largest gold producer, with output up 3% last year to 288 tonnes while output in the US eased 2% to 234 tonnes.

GFMS said the fall in South African output contributed to a substantial drop in global mine production which sank 3.6% to 2,385 tonnes, the lowest level since 1995.

Selling by central banks dropped sharply in 2008, down 42% from 2007 to 279 tonnes, the lowest annual total since 1996.

GFMS said it expected central banks to sell 127 tonnes of gold in the first half of 2009, down 23% on the same period of 2008.

IMPORTANT: AIR reports about financial markets and investment products in the widest sense possible. The AIR website and all its contents is prepared for general information only, and as such, the specific needs, investment objectives or financial situation of any particular user have not been taken into consideration. Individuals should therefore talk with their financial planner or advisor before making any investment decisions.
 

Vickerman returns home

Vickerman returns home
Lock Dan Vickerman will return to Australia next year after signing a three-year deal with the ARU.

Read more on Sky News Australia

10 Reasons to Make Johannesburg Your Gateway to South Africa

As the gateway to South Africa for many, it’s hard to imagine a luxury holiday to South Africa without some time spent in Johannesburg. Rather than just spending one night in the city, why not spend an extra day uncovering some of the key attractions before heading off on a tailor made South Africa holiday?

Johannesburg is a city which mixes a fascinating cultural heritage with many modern attractions suitable for people of all ages, with all kinds of interests. In order to show exactly how diverse Johannesburg’s attractions are, here’s a selection of 10 varied things you can expect to do in the city before embarking on the main part of your luxury holiday in South Africa:

Spend an afternoon on the greens

Sure, golf is not for everyone, but for those who like nothing more than to spend an afternoon on the greens, Johannesburg is amongst the best cities in the world. Not only does it have the perfect warm climate for strolling across the fairways, but the fairways themselves are some of the very best in Africa – indeed, 36 of the top 100 golf courses in South Africa are right here! Whether you’re a seasoned golfer or a keen amateur, golf is one of the strongest attractions in Johannesburg.

Take a flutter at the casinos

Holiday gambling is a favourite of many tourists – even those who never so much as buy a scratch card when in the UK find the relaxed atmosphere of a luxury holiday in South Africa the perfect time to take a flutter, and Johannesburg is very well suited to these types. You’ll struggle to find this density of casinos outside of Las Vegas, with two large ones in the city centre, another couple on the outskirts and a handful within 2 hours drive of the city! Between them all, you can find over 8000 slot machines and 300 tables – just make sure you know when to stop!

Gold Reef City – much more than a theme park…

One of these casinos is at Gold Reef City, but the good news is that there’s plenty for children to do as well, while you’re trying to beat the house at cards. Gold Reef City is a really rather splendid theme park with a fine selection of white knuckle rides, plentiful refreshment stands and even a brand new 4D theatre!

Learn more about the end of apartheid

The Apartheid museum has become a must see attraction in Johannesburg for its unflinching look at this distressing period of the country’s history. It’s extremely powerful, and includes such moving exhibits as blown up photos of passbooks, metal cages and screens showing replays of apartheid scenes. It pulls no punches: from the plastic entry ticket which either marks you as white or non-white to the recording studio where museum visitors have chronicled their own experiences, it’s a harrowing trip but one well worth taking. The overall feeling is one of relief that the country’s segregation is in the museum where it belongs.

Absorb the culture of Museum Africa

Culture vultures will get a lot out of Museum Africa, tucked into the Newtown Central Precinct. As the name implies, the main focus of the museum is on the continent’s fascinating history, including an honest look at some of South Africa’s problems and less proud moments. It’s surprisingly modern too, and one of its most engaging attractions is an audio/visual display showing Nelson Mandela’s trial for treason.

Tear up the track

From culture to go-karts, there are few things that can match the adrenalin of taking to the go kart course in Johannesburg. Decked out in safety clothing and helmet, visitors are encouraged to put their driving skills to the test in front of a crowd of onlookers. Not to everyone’s tastes, certainly – but the thrill seekers will love to make go karting part of their South Africa holiday experience!

Take a trip on the Vaal River

There are few better ways to take in the natural beauty of South Africa than a boat ride along the Vaal river. With the wind in your hair, good company and great food, a trip down the Vaal river is one of the most relaxing and enjoyable activities in Johannesburg, and a must for South Africa’s luxury holiday makers.

Lesedi Cultural Village

Lesedi Cultural Village is an attraction designed to help visitors understand the different cultures of South Africa. Holiday makers can walk around the five different homesteads (each representing a different culture from Pedi, Zulu, Zhosa, Basotho and Ndebele), take a tour to learn more about the culture – or even spend the night with one of the groups, for the true experience! Whichever option you take, visitors will learn of the cultural differences, and get to taste some delicious traditional cuisine. A must see attraction in Johannesburg.

Spend an unforgettable night clubbing

It’s widely acknowledged that one of the main attractions of Johannesburg is its reputation as the party capital of the country! Visitors can expect an eclectic mix of live music and clubs with DJs who spin a mix of techno, trance, jungle and house music. Whether your taste is for small, intimate venues or huge warehouse style hotspots, the city has you covered!

Take a tour of the Soweto Township

This is the largest township in Gauteng with some four million people living within. It started as a settlement for people coming from the rural areas to find work, but has since grown to almost be considered a city in its own right. Highlights of the visit include the former homes of Nelson Mandela and various South African Nobel Prize winners, accompanied by the overall warmth and friendliness of the Soweto people.

There’s plenty more I could list here, but this is a nice illustration of the sheer variety of attractions in Johannesburg – both famous and hidden. The city is the perfect gateway to a luxury holiday in South Africa.

email that I got today – Economic Conditions!!!!! Please read?

Hi Guys,

It has come to my attention to really warn you as my friends and family
of the current economic conditions we are facing in South Africa and the
rest of the world.

Yesterday I attended a Absa conference whereby Tito Mboweni was our
guest speaker Tito Mboweni has made it clear to us that the worse is yet
to come so we must tighten up our belt in terms of getting into debts
before I start with the really figure he made an example to us that if a
person goes to KFC to buy chicken using his Credit Card for an amount of
R40 this implies that in the 6 months period you have bought the chicken
for R72. Most of us did not know this but this is true and He gave us
advise to STOP USING CREDIT CARDS AS REASON THAT YOU DON’T HAVE CASH.
Never use credit cards for luxury things, use it for things that you
really need.

The real situation now we have this reports that we do for the reserve
banks whereby we forecast the future using certain drivers and getting
the economist analysis which is called Medium Term Plan for 2009-2011
its basically three year plan.

1. It shows that the interest rate will go up to 19% (currently we are
at +-14.5%) from now up until 2010 just before the world cup. Good news
after the world cup it will decrease.

2. The inflation (unemployment) will go up to 12% (currently sitting at
+-6%)

3. The GDP (Basically your food staff) will increase by 15% I’m not sure
what it sitting at now.

4. The petrol will also increase up to R13.78 per litre and diesel to
R15.05

What causes this? If you want to know.

1. The political instability of the country (investor’s perception of
the new President of the country)
2 The scarcity of resources i.e. low output on gold, farming of rice etc

3 Lack of skills labour in the country
4. Unemployment

To add to this on our March financial statement Absa profit has drop by
10% and as of the month of March Absa will repossess 700 houses in the
country.

Absa will employ about 1500 staff to work at collections department as
our impairment of assets (bad debt) is increasing very fast. This has
been approved by Exco so we are waiting for the appointment of the
employee agent to recruit those staff. So expect more calls from
“private numbers”.

My advice is for now and next year Do Not engage in installment sale
transaction for no reason. you must really ask yourself do you really
need that.

So guys that was it with me hope you will take this changes into your
budget for this year and next year.
OK thanks T.I. I didnt actually check. Anyway its probably just the same old good advice our parents used to give us!!
Ferrari man- ok well lets see how long this one lasts, I didnt check to see if someone else had posted it.
I dont know why it got reported. Its nothing we dont already know, its not insulting or blaming anyone – just telling us to watch our debt.
ALS yes apparently we are a nation of non-savers.
SAGirl. I closed all my accounts when I got married and was just a co-signatory on my husbands accounts. Then I read a few finance books that say this is the WORST thing to do. Worldwide you need a credit record, so buy some clothing on your account, pay it off properly (over 3 months) and you will have a credit record.
I now have a 32 day notice account in my name. I dont qualify for credit as a non-salaried housewife.

Please Tell me Credit Card Usage?

I live in Tokyo, Japan and those people who are interested in Platinumu or higher credit cards and their incidental privileges are very fascinated them here.

Perhaps, I am one of them.

The people’s like me’s purpose of having Platinum or higher credit cards, is to express shop/hotel/ restaurant cashers their social status and finiancial confidence, not a payment method. The purpouse is to keep the high credit limit cards (at least $US111,346.17-) in their wallet at all the time for self satisfication.

In the States, the system of credit score is running is known to me and the Japanese credit organisations are considering the introduction of similar or same system as well as the States does. However, the system introduction is postponed due to popularity of the cash-on-delivery and cash-account among people of Japan. In local areas far away from big cities such as Tokyo and Osaka, credit cards are not welcomed and even some shop keepers do not know what credit card is. I was asked before, “hey, what is this plastic card for? Pay by Visa? What do you mean?”

So how many cards a person has, is not a big matter and no damage to the credit score in Japan.

I also tell you that the credit cards people have in Japan, is mainly so-called “charge cards” in the States. All the debt or payment is cleared monthly through their banks, therefore, no interest is charged. They including me have to pay only the total monthly amount they buy things with their cards.

Recently I asked relating questions before, but replies I have received are
out of my expectations.

I know people have different ideas, and the credit card circumstances and payment practices are different depending on countries.

Although specific credit cards such as Diners Club Premium (issued by Citi Card Japan), are only allowed to own by the people who are chosen specially by the card companies, it is true. Those lucky (?) people are judged as high in financial confidence (at least annual US$55,673.09- salary with having a job title for over 10-year continuous service in the 1st class company and over age of 33 years old owing his/her own house), social status, elite, or extremely rich by the card issuers.

My question is, “do specific credit cards function as a status symbol, prestige, or an evidence of high social rank person in your country?”

I have those cards listed below. Some people say you are stupid and wasting your money to me.

The numbers next to the card names are 1) annual membership fees and 2) my credit limit.

These cards are only allowed to own by people who are especially selected as the best card user by companies after a card-up-grade invitation letter from the issuers.

1) Citi Visa Platinum Card / 1) US$584.57- 2)US$55,673.09-
2) SBI Platinum MasterCard / US$350.74- 2)US$22,269.23-
3) American Express Platinum Card / US$1169.13- 2)US$2,226.92-
4) Diners Club Premium Card (in US known as “Carte Blanche Card” and in the Middle East & Africa known as “Exclusive”) / US$1,113.46- 2)Unknown but for sure over $US111,346.17-
5) Japan Airlines Club-A Gold Card cooperated with JCB Gold Card / US$187.06 2)$US6,680.77-

$US1 = Japanese 89-90 Yen (as of 3 October, 2009)

Above inforation is vaild only in Japan as far as I know,but I know higher cards such as Visa Infinite, Amex Centurion, and World MasterCard, are issued in Japan and out of Japan.

Tell me your opinion and the card status in your countries.