I'm not an economist... but any of you who are... plz tell me if the following is possible:

FOLLOWING IS WISHFUL THINKING ON MY PART (what do you guys think... plausible scenario or no?):

I say we give the IMF/World Bank (New-World-Order zionist henchmen) the middle finger.... Similar to what Argentina did... Peg the Rupee against gold (instead of the sinking artificial US Dollar).. Yes, we will suffer in the short run... But in the long run it will be the beneficial for Pakistan.... As the Global Economies crash in the upcoming global depression due to the demise of the US dollar, energy crises & credit crunch....

Pakistani Rupee will be one of the sole currencies in the world worth its weight in Gold... BUT alas!... that will never happen... cause we are such tools!!!!!!!!!!!

Any economist, please tell me if that is possible... Why doesn't the Pak government convert its dollar reserves into gold... & then from now on peg the rupee to for example 1000Rupees to an ounce of gold...

Pak National Bank will only be allowed to print rupees according to its gold reserve holdings..

From my knowledge... Islamically speaking only Gold & Silver can be considered as monetary tenders...

What will be the advantages OR disadvantages for Pakistan to establish the Gold Standard for the rupee instead?



Please reply... I will be very interested in hearing your opinions...



:)

If Pakistan gets rid of the US Dollar peg and convert (actually revert; cause Islamic banking in the past was Gold/Silver standard) to the Gold standard.... Pakistan then can also eliminate its dependency on the World Bank & IMF.

IMF & WB are leaches Pakistan can/should do without!

Unfortunately, this will not be so. The so-called democratic government cronies need to fill their pockets through ill construed loans... loans that future average Pak citizen will have to pay back through their poverty laden labor along with interest.

IMF & World Bank loans are akin to forcefully trading out your own poor Pakistani citizen brothers & sisters as slave labor! This is nothing more than modern day slavery! Who do you think suffers when these Haraami Politicians default on their loans.... The Pakistani laborer... thats who!

With loan default & growing debt, its the common man who pays for it through a hidden tax... aka inflation (of essential goods).

With the global shortage of food commodities and increasing prices, an agricultural based economy such as Pakistan's should be benefiting. Will the Gold backed rupee be beneficial to Pakistani exports or detrimental?

Hmm are you sure Pakistani rupee is pegged against USA, i highly doubt it.

What we normally hear on the news is exchange rate and nothing else and it doesnt mean rupee is pegged against dollar. As far as i knnow Pakistani rupee is decided by the market and if ppl are selling more Pakistani rupee than it is bound to fall and if ppl are buying more Pakistani ruppe it will get stronger. '

Now due economy going downward it is placing pressure on rupee and thas y Pakistan is seeking foreing loans so ruppee can gain some strength, as dollar will be converted into rupee etc.

Though dont have much knowledge on the effect of gold peging, but im positive many countries dumped in 70s and 80s for its downside. But than again we can bring the argument of RIBA (USERY) since your making money with money. Dont know much maybe some1 can enlighten us.

But better method would be to take Pakistan of AUTO PILOT and MANAGE IT economy, otherwise whehter pegged against gold or not, we are bound to suffer.

Well america quit using gold as there is very little gold in the world(otherwise gold won't be precious).The forex market has 1.3 billion dollars(or its equivalent) in circulation and then there are hedge funds, stock markets of all the world e.t.c.. The world does not have that much gold.

I do however support pegging rupee against gold because if america collapses and the dollar devalues then gold and silver would save us.

its not that easy, pegging wont work, the currency should be powerful enough to be replaced by gold easily. for example,

(gold rupee) rs.1000 for 1 once gold

transition could be done by issuing new currency note. but ahh!! west & usa will wage a war.
in the long-run thats the only way for survival

You are wrong... The Pakistani Rupee is pegged against the US dollar.. Just like most currencies around the world...




Protest against Rupee Dollar peg

Do most people realize that the Pakistani Rupee being pegged to the Dollar means that they have just gotten about 50% poorer over the last 18 months. All your assets in Pakistan are now worth much less as a result, even if your nominal rupee value seems to have increased.

The US Dollar has fallen to historic lows against the Euro, the British Pound, Canadian Dollar, Oil, Gold and almost everything else. In terms of the Euro or Canadian Dollar for example, the US Dollar is down approx 50%. Meanwhile, our rupee is pegged to this falling dollar and is falling even faster than that crashing currency.....over the last several weeks the Rupee has fallen several percentage points against the US Dollar. This is great if all your money is in Canada, Europe or some other place that isn't affected by the leper US Dollar. OPEC was narrowly avoided from dumping the US Dollar because of Saudi influence and friendship with the failing empire.

While Kuwait, China, Venezuela, UAE and many other counties of the world are slowly moving away from the crashing US Dollar, our government has not even discussed this issue in public...likely due to the extra-ordinary subservience to the Americans. If China or OPEC beat us to dumping the Dollar, we will have a major devaluation in Pakistan and our economy will be wrecked. The only people who will benefit are those exporters who serve non US$ markets who will find our goods much cheaper, but the rest of us will be totally screwed.

American aid will continue to pour in because they are not giving it to us, they are giving it to their "War of Terror" and they will continue to do so regardless of our position on the Dollar. We must write letters to the Editor, to our government and raise awareness that our peg to the Dollar is making the entire country poorer.

We need to be aware that this is a major threat to all of us Pakistani and to our country and we should do something about it.

http://www.chowk.com/ilogs/64284/47408

Why will it not work?

Please explain?

Pakistan has 65 Metric Tonnes of gold reserves (appx.)

@ the current market value of $29,600/kg, Pakistan has 65,000kg x $29,600= $1,924,000,000 worth of gold reserves as per current standard.

If we were to abolish all the pegging and all the fractional reserves or CRR from SBP then technically we will have $2 Billon.

According to Clutch, if we make the gold say Rs. 1000/oz then, we have Rs. 224,137,931,034

Consequences of doing this:

Since our main import is oil and it will always be dealt in USD (unless some revolution happens). If we say we want to pay as per gold rates on the market; there will be 2 currencies that are pegged against gold reserves (a) USD (b) PKR; what standards will the OPEC adopt? Lets say for the sake of argument they are the same, since our gold reserves are nothing compared to our neighbors and other countries; How long will we able to sustain or survive with Rs. 224.13 Billion (remember there is no concept of CRR since we have gone to gold standards as a part of Islamic banking) ? How will we service our debts $42 Billion? Imagine if the rates of gold in international markets went down PKR will be de-valuated immediately i.e. we will have less buying power. There are so many variables to be considered but I am busy right now, I will give detailed response to this later

My suggestions

1. Stop wastage of money in Pakistan
2. Eliminate corruption
3. Focus on Agriculture
4. For God's sake built those dams to produce more energy so that we use less oil
5. After building dams, educate the public to conserve energy
6. Get rid of extremists so that we have more investments in the country

I don't think that we need to re-invent the wheel, just get the house in order and we will trade fair enough as a country.

LOL your suggestions are simple but on the same time IMPOSSIBLE under the leadership of our current leaders.

Where as i dont think in near future gold will be devalued since it is already not in abundance and in the end price hike is the result.
What will be the international response on this move BTW??

Then it means that you need a change in leadership not changing to gold standards. Because, if you cannot implement simple solutions then forget the complex macro & micro economic changes that I was going to suggest. As far as international response is concerned; if US wants it can definitely make us go bankrupt by increasing the oil prices in the market (which is happening on a daily basis)

Thanks for your post.

For argument sake, putting your (alternative) suggestions aside I would like to focus on the Gold Standard issue.

Your assumption that the US Dollar is pegged against Gold Reserves is incorrect. In 1944 (I believe) the US dropped the Gold standard and adopted the Federal Reserve System.

As for the other issues you bring forth (such as debt servicing), I think a Partial Gold Standard System could be adopted.

Pakistan can have some of its reserves in Dollars for foreign debt servicing and purchasing of essential commodities such as Oil?? While the national currency (i.e. The PK Rupee) is still backed by Gold.

Your input?


How about splitting into:
a) Domestic Gold Standard &
b) International Gold Standard.

Lets assume we adopt only a Domestic Gold Standard:
This gold standard will help provide internal price stability. Additional currency can not be issued without additional gold reserves.
This will help against inflation, inflow of money into the country will also increase the country's gold reserves, and provide price stability.

The thing that everyone forgets is that the present Jewish banking system is based on a lot of fakeness!! As a rule of thumb, when paper money was first started it was backed by Gold. But then the Jewish realised that, for example, if they had 1 ton of gold they could still get away with printing paper money representing 10 tons of gold!!! In other words most of the paper money is not supported by gold but is artificial!!

So, most of the money floating in this world today is just mere paper with NO GOLD backing!!! Not to forget that US Federal reserve, Bank of England and Reserve banks of all developed countries are PRIVATE controlled BY JEWS!!!!!!!

^^ My bad Clutch, Yes US switch from gold standards to floating currency standards. I don't know why I said that in first place
Anyways, coming back to the issue. I think that switching back to gold standards is not a good idea, why?

1. The inflation will sky rocket beyond any body's control because: the inflation will then be determined by gold mining. Under a gold standard, the long-run trajectory of the price level will determined by the pace at which gold is mined in South Africa and Russia. Imagine being dependent on Russia (which is our enemy) for your inflation. Basically we will end up being puppets in the hands of other countries instead of US.

2. The total GDP (PPP) of Pakistan is $504 Billion, if we switch to gold standards then we are left with $2 Billion

3. Other countries, in their interest may not accept Pakistan's currency sine it cannot be valued correctly. For example, the value of things and the absolute value of the total wealth in the world need not change, but their relationship to the value of gold would.

4. How will you increase your wealth on an annual or quarterly basis. Unless you mine the gold your self the total amount of gold will stay will stay constant and so will the economy. This will cause stagnation and no foreign investor will want to come to Pakistan to do trade.

5. The moment you go back to gold standards the price of gold will sky-rocket and the poor man will die because whatever little wealth he has will be devalued to such an extend that he will start hacking others. This is what used to happen in the medieval ages. Crime will shoot up unnecessarily.

All-in-all, the bullionist system is unworkable for a lot of reasons and cannot be adopted. One obvious problem with going back to the gold standard is that it discourages international trade and encourages protectionism, despite the fact that the Ricardo's law of comparative advantage shows that international trade works to the benefit of both nations.

What a stupid poll!!!

A peg means there is no change in the value of the pegged currency. Chinese currency was pegged to US $ which meant it's value against $ was fixed and stayed that way for decades until de-pegged in 2005.

Pakistani Rs is not pegged to the $ or any other currency, if it was than it wouldn't have been falling/raising/changing.

Pegging is a bad idea, several countries have tried it, it doesn't work unless you are hyper growth country like Japan and China.

But you just cannot print out money whenever you want without having a backing of a precious metal such as gold or silver or Platinum!! If our currency was pegged against the Gold it would be a very stabel currency because Gold has been stable and going upwards for a long time now!!

What will a country do if it is thrown back to stone ages(like afghanistan/iraq)? There money has no value if the country is in turmoil but gold is always worth every penny.

Finally a subject close to my heart, well done for Clutch to post this, he beat me to it!

With all due respect Zionist you really don’t know a lot about Economics so just shut up and listen rather then babbling on about something you obviously don’t understand.

Firstly Pakistani rupee going on the gold standard would be a good thing. It will give the currency stability and stop inflation and increase the purchasing power of the rupee no end!

This is because the dodgy Government of Pakistan inflates the rupee by printing it to service it debts and pay for its imports, government expenditure etc, this leads to the over supply of the rupee, with leads to the destruction of its value... comprende?? Pakistani government cannot be trusted not to print more rupees when they get into financial difficulties.

If supply of rupees goes up, then demand goes down, therefore more rupees will mean the rupee loses its purchasing power and won’t be worth as much.

The current US gov is printing $ like there no tomorrow, which has lead to the devaluation of the dollar and hence why everything is more expensive. All commodities including gold, silver and oil are denominated in $s. Pakistan holds $s as reserve and uses them to buy gold, gas etc. Therefore the $s Pakistan holds as reserve have lost their value and hence why costs in Pakistan – inflation has gone up along with printing rupees.

As gold is not abundant therefore the gold standard means the government cannot simply print money and destroy the rupees value as they would need the gold to back it as the rupee would be redeemable in gold or silver if you like. If the people of Pakistan suspected the government of Pakistan of cheating they would have in their rupees and ask for their gold back. This keeps the government in check.

All the banks will be instructed to practice 100% reserve banking, therefore the money cannot be multiplied even more this way.

So even if all our gold equated to 10 billion rupees, it wouldn’t matter as now the rupees purchasing power would increase significantly and we would need to hold less rupees to maintain if not improve our standard of living. We could still have the same number of rupees in circulation in fact, as we could set 1000 rupees to 1 gram of gold or 100000 rupees to 1 gram of gold etc.

Holding $10 million dollars means nothing if it only buys you a pair of trainers. What we should be looking for is the purchasing power of the currency!!

Gold values rarely goes up or down, an ounce of gold still buys you the same amount of oil as it did 30 or 40 years ago. It’s actually the currencies that go up or down against the values of commodities like gold.

If tomorrow the Arab and Asians drop the dollar, Pakistani reserves of dollars would be worthless. Because the dollar is not backed by anything, its just legal tender, it’s what economists call ‘fiat money’.

My only issue is that Pakistan has a massive trade deficit. If the rupee was backed by gold then there would be a net outflow of all our gold. To get on the gold standard we would have to make sure our trade budgets were balanced and therefore may mean our government acts responsibly. We would either have to become more productive or cut out imports to balance the trade budget. This is because the foreign governments would pay us for our exports in gold, which would show up as rupees in our bank accounts.

In conclusion gold standard equals no inflation, more productive economy, less poverty, more responsible government, less government expenditure. More stable economy, which is able to withstand economic shocks and less likely for Pakistan to go to far or dabble in expensive foreign diplomacy as it would cost in gold, which cannot be made rather then just printing more money to fund stuff.

Read my first post guys

gold is good, reduces inflation quite a bit, but then trade is severly hampered....one thing is certain we MUST drop the doller, and soon, i say we push the GCC countries to fastrack their unified currency program, and then peg the RS to the GCC currency

Oh, I am sorry I forgot that there are some people who are Noble laureates in Economics. In fact I have given more reasons not to go for the gold currency unlike you who is just taking inflation. What is the answer to my point 1 and 4.


What if the demand goes up with short supply? Ever thought about it?!


Exactly, if you don't have enough gold to begin with where do you want to get in first place? Planning to invade some country as it was 500 years ago?


In this case how will you increase your wealth and please explain why it will not cause stagnation in the economy if the wealth is not increased?



This is a good point that you have raised. I agree with this. Lets balance the trade deficit and then think if we can go to gold standards. Currently I don't see any chance to pay the debts and get the trade deficit down even if we give everything we have (no hard feelings).

Guys, please be practical and think rationally and not like some one like Zaid Hamid on TV One. I agree to some of his points but please ask him to service the debts and get out of the current situation that we are in. Its very to easy to give a speech on what Q'uran says because you don't have to write anything in it. Again my intention is not to belittle anyone, all I am saying that be realistic 'Pair utne hi failoon, jitne chaadar badi ho'

If demand for the rupee goes up thats good coz were are obviously exporting and trading. The rupee is pegged to gold therefore gold goes up as our customers pay us in gold backed rupees. We increase our purchasing power of our currency. Its really quite simple.

We have enough gold, like I said its just a case of deciding how much a certain amount of rupees are worth in gold. Plus we have large deposits of gold and copper in Baluchistan, but we just cant mine it. Shows how pathetic the Pakistani state is. We boast of our nukes and military yet we cant even mine our own minerals and take advantage of our own resources without outside help.

Wealth is increased by productivity, not by consuming and getting into debt, (like US), with the gold standard you cant have fractional reserve banking, this is also in line with Islamic principles. Coz just as you cant create gold out of nothing therefore you cant create money out of nothing by multiplying it.

Having the gold standard, we could eliminate interest, as there is hardly any inflation, therefore on time value of money, therefore banks can make money by charging customers to hold deposit accounts. Banks can lend this money to business for a share of the profit rather then interest.

For more info log onto the Ludwig Von Mises instutue website.

Why not print money against copper reserves?It seems wierd but copper is still better fake dollar.

having hard money has big pros, plus some cons.... ultimately it depends how we tackle them.
read "THE PROBLEM OF THE RUPEE" by B. R. AMBEDKAR. this book from early 20th century shows how rupee was replaced by paper.
http://www.ambedkar.org/ambcd/28A.%20Probl...pee_Preface.htm (whole book is available online)


gold standard has been working great for long long times.
it becomes a sort of barter, if silver goes up, it means food goes down, and vice versa.
big plus is that leaders cannot rob you and get away with it. gold cannot be transfered electronically.
govts cannot print gold.

Gold used to be govt.'s money, enterprise money and saving money for people. (jewelary and Mohar coins dug in backyards)
silver rupee 178 grains (11.534 grams) was people's currency. from 1100 to 1850s, monthly wage for worker used to be 3-6 silver rupee per month.
copper denomination can be used too. paisa.

historic conversion rate by weight is 1:15. it was manipulated by jews later to some 1:90, to force india and china to adopt paper currency.
after discovery of new world, (americas), discovery fo large deposits of silver tipped this balance to some 1:30 or so. economists need to calculate what is the best for today.

pakistan has gold and copper deposits in Baluchistan. supply is not a problem.
we can buy more gold from exports. (have to work hard for it)
we need to cut our expenses, to balance the trade gap. but with a stable currency, most of financial problems get fixed automatically.
try to export more to countries who sell u oil and machinary. eliminate the parasitic dollar demand out of the trade cycle.
change current dollars into gold.
start wages and texation in silver and gold.
increase trade with neighbours like iran, China and india.
increase exports to Gulf for barter with oil/gold.

there is a big But..............Zionists won't allow u to do this switch.
we are trapped in multiple layers of slavery.

govts hate to give monetary independence back to people, and none of our rulers would like to rule with their hands tied. they don't lead just for sake of it.
if switch is decided anyway, someone will leak the news b4 time, and there will be a rush on banks and a human crisis may result into famine of large scale.
if at all interested, any party deciding this switch will be overthrown by Army, this is why they are here for. (Aziz hamwatano....)
if we get thru, internatiopnal money changers will need to spend just .00X% of their wealth to topple this.
still interested, International financial vultures will start twisting ur arms. trying to make us a larger Zimbabwe.
still interested......Commonwealth, ICC, IMF, WB, UNO, bla bla will expel pakistan...
still interested.....India will get green flag to invade "Pakistani Kashmir". (he can or not is a separate debate)
still standing, gora sahib has to come himself to liberate the "economy".
and this is not all. list goes on.

evil parasitess always believe in setting example out of such isolated disobediences.


I will add more, if people want to digest this at all.

Well we should then buy 10-16 billion$ of gold,silver and copper and wait until america is weakened and falls like USSR then we can use these reserved metals to print the new money.

Salams, listen guys I agree that the current world economic order/ banking interests dont want the rupee to be backed by gold. This would ruin their plans as Pakistan would be out of its slavery and become an independent country, standing in its 2 feet firmly. Since World War 1 the NWO has slowly taken control of just about every central bank in the world, including Pakistans. 1913 Federal Reserve Act.

This is because we follow the US model of a central bank, which lends the gov money on interest, which leads to more money being printed to pay the interest along with the fractional reserve banking systems, which ultimately diminshes the value of the rupee.

This system is enslaving the whole world, ppl and nations are getting into such high levels of debt and theres no way to pay for it. Inflating the rupee must be stopped as the poor are struggling to make ends met today. People are committing sucide and some ppl are selling of their daughters.

I suggest ppl start to investing in real money, gold. silver coz sooner or later the current world economic system will collapse, leading to calls for a one world currency, one world central bank, one world government. But before this can happen wars will need to be started, which will have to clear victors. As ppl get tired of war, the one world government will be created, with its seat in Jersalem where the king of the Jews will rule the world, ushering in a new period of peace and harmony. The Jews will rule the world and the goyim will be the ruled..... AS THE CONSPIRACY THEORY OF THE NWO GOES......

Well we all know Dajjal is going to come sooner or later

But seriously it only takes a sincere popular leader with a united nation behind him to do this. Remember as Allah says, that our enemies plot and plan our downfall, but Allah also plans and Allah is the best of all planners!

Lets submit to Allah instead of the US and the NWO. To me Iran is sending a clear message to the Muslim and entire world on how to take a principled, steadfast stand against the US. Iran will not be cowered.

If only Pakistan had the balls. Even if they dont have the oil we can still trade other goods and services to compete internationally and increase productivity and wealth for our ppl.

Real wealth of British India







during British rule, % of metal was decreased gradually inside these coins to rob the public.

recent revival effort.

this chart belongs to 1998, things have changed since then.
Chart is logarithmic (a typical trick of finance magicians to decieve public)
latest gold rate is $964 and Silver is about 19$, making their mutual ratio around 1:50

see the stability till 1750's, pre Colonialism.
banks/Zionists started playing in late 1700s.
they crashed the silver to bring Asia to its knees...European public was no exception, cuz people had silver and Bankers had gold.

For everybody's information, Rupee means "Silver".

here is another chart, that gives even better picture about both silver and gold.


there seems a paradox about Silver value and availability. 1:50 and 1:10
it is due to fact that after retiring from being used as a currency, Silver have not found other good uses as compared to gold.

while making it a "sensitive debate, don't forget the big factors that helped people to use silver and gold as currency.
they are non corrosive.................but today we have big bunch of alloys available, who are much more stable. most common being stainless steel.
using coins can be prone to counterfit so we need to look for high tech ways to avoid it.

If we peg our currency to gold because of our trade deficit we would run out of gold.
(This is what happenned to the US in the 70's when Nixon abolished the gold standard for the Dollar)
So we first have to improve our economy.

But it is a good idea in the long run, Fiat curriencies always end up worth nothing.
Some links:

http://www.islamic-finance.com/indexnew.htm
In particular go to the editorial section and read

Viability of the Islamic Dinar
The transition to, and implications of, a monetary system based on gold.
(This article is the most appropriate to this discussion.)

http://www.islamic-finance.com/item118_f.htm

Other articles:

Fractional Reserve Banking
Commercial banks create money out of nothing and then lend it at interest. As a result, most societies live in debt while the banks grow rich and powerful ...
http://www.islamic-finance.com/item1_f.htm

Fortune Favours the Bankers
How much profit are the banks making compared to other industries?
http://www.islamic-finance.com/item123_f.htm

PS you can find out more about the Dinar and Dirham at:

http://www.islamicmint.com/

You can buy gold and Silver online at:

http://www.e-dinar.com/html/1_0.html

I think a joint pan islamic currency is also in our interests. Developed Muslim countries and those on the brink of being Developed (such as Eygpt, Pakistan, Morroco, Algeria etc) should have a joint single currency like the Euro. The stability of the currency might add much needed stability to our economies. Then we should work towards improving economic conditions within other muslim countries who are really poor, so they can join in the pan islamic currency too.

Gold as they say is the ultimate guarantor of wealth. Sure it doesnt give you an income, like a business or property, but gold is everlasting, its the measure of wealth.

My suggestion, if you want possession of your gold then instead of bars, buy numismatic gold coins, like the dirham, Kruggerrand, Canadian Maple, Autralian Nugget, Austrian Philharmonica etc. Coins are a little easier to sell then bars as there is an established market for them.

Or you can buy gold from certain mints like the Australian Perth mint, or Goldbullion.com if you dont want to have possesion of your gold. Theses companies guarantee your gold will not leave their vaults and are government backed. You can buy and sell anytime and even take possesion for a small fee.

My guess is that when these fiat currencies become worthless, new larger currencies will replace them, like the Amero replacing the dollar. Until there is eventually one world currency and then there will be no escape from it.

Buy gold and own freehold property. Have as little debt as possible, remain very liquid. A good read, is 'Crash Proof' by Peter Schiff.

Gold standard is not going to happen until there is at least one country in this world that is completely taken out of the global political system...i.e. we need to be a globally recognized "no man's land". For this to occur with Pakistan, the country would need to completely withdraw from the World Order...i.e. leave U.N., WTO, OIC, etc, and phase to an inclusive economy. Even if Pakistan switches to the Gold Standard, it is likely that much of the world will not trade until the countries in question withdraw from the United Nations and World Trade Organization. As hopeless as this scenario seems, there is hope with the reports of China building up its gold reserves and investing in infrastructure development in Africa. Clearly the Chinese and Russians will feel bogged down in the U.N., if they leave, I reckon Central Asia and much of Africa will too...possibly Gulf/GCC as well.

Another interesting fact is that the country with most "above-ground gold" in the world is India. (30 K tonnes out of total 140 K tonnes ever mined)
USA is #2 with some 13 k tonnes.
this is about non reserve gold.

just look at these Indian figures of year wise import of gold during 3 years:

2004-05 - 782.86 tonnes

2005-06 - 723.79 tonnes

2006-07 - 715.80 tonnes


In fact, You can say,
It is India, what has been "happening" with gold for last few years.

Wow, a country with most gold and hunger on the globe at a time.
ever wonder why Zakat (Islamic Charity) starts from the gold u collect.

No, no, no. no. None of these countries are anywhere near to being developned. Only Algeria is not a 3rd/4th world country in the list because it has plentiful reserves of oil and gas.

Speaking of gold reserves, Pakistan’s gold reserves in Sandak are being looted by foreign companies together with corrupt rulers!!