The RBA is both corrupt and treasonous.
“The line between fungibility and non-fungibility may be a thin one. Gold is generally considered to be fungible because one gold ounce is equivalent to another gold ounce. But when otherwise fungible goods are given serial numbers or other uniquely identifying marks, they may no longer be quite as fungible. Adding unique numbers to bars of gold, collectibles, and other items makes it possible to distinguish them, which makes them non-fungible.
For example, the Federal Reserve Bank of New York offers gold custody services to central banks and governments around the world by storing gold bars in its underground vault. All the gold bars deposited into the vault are weighed and inspected to confirm they match the depositor instructions. The exact bars deposited to the New York Fed are the exact ones returned upon withdrawal, so these types of gold deposits are not considered fungible.”
The reason gold bars are given unique serial numbers is so that dirty filthy bankers like the RBA can’t manipulate the gold market in order to drive prices down.
Unlike paper money which can be printed ad nauseam, gold is very difficult to discover and produce. As such it serves as a handbrake on central banks printing too much money.
The RBA only audit their gold bars every three years and only check 10% of the entire stock. It is therefore very easy for the Bank of England (deep state bankers) to lend the gold bars under its custody to ETFs etc to drive the price down.
This is to protect their money printing racket where they get to earn interest from printing paper out of thin air which leads to inflation and drives your money into their pockets.
It also works against Australia’s national interest because gold is one of our biggest exports behind Iron ore, Coal and gas.
Let’s not forget the RBA have admitted the Bank of England has had fake gold bars and duplicate serial numbers in the past.
When the great reset comes all currencies will become worthless and gold will be the benchmark by which wealth is measured. That is why the central banks horde it so they can still control the wealth when the game begins again.
Quote from: https://www.investopedia.com/terms/f/fungibility.asp
Economics Legislation Committee
15/02/2024
Estimates
TREASURY PORTFOLIO
Reserve Bank of Australia
Senator RENNICK: I note that you’ve got here, when you have disclosed these, that these serial numbers aren’t for public disclosure. I’m curious to know why you think the fact that many of the gold bars have been refined since 2015, despite the fact that Guy Debelle, former deputy governor of the RBA, said our gold bars had never moved. Yet here they are being refined, completely new again, in 2015 up until as late as 2020. Why do you think that the public shouldn’t be made aware of this and see these serial numbers for themselves? These serial numbers going public would actually put more pressure on the Bank of England from being able to actually lend these gold bars out if they turned up in another vault somewhere. They’d quickly be identified as belonging to the people of Australia.
Ms Bullock : Do you want to try and address it?
Dr Kent : I can try and address that as best as I can. We do lend out gold from our stocks. Typically what happens—not in every case—for the Bank of England is that it’s a change in who owns that gold on a ledger, and the gold doesn’t actually move its physical location within the Bank of England. When a bank lends a customer some cash, they don’t ask for exactly the same serial number to be paid back on that note when they receive it back from the customer when they’re repaying their loan. They’ll receive money of a different form. The same thing happens with the gold bars.
Senator RENNICK: But the serial numbers of our gold bars should not change; otherwise you cannot audit. What you will get is an oversale of gold bars.
Dr Kent : That’s what I just explained. We lend out a gold bar with one serial number. What we want back is the same quantity and value of gold, but it may be a different bar with a different serial number. It’s just like when a bank lends out a customer a sum of money they might withdraw in cash—the bank doesn’t say, ‘We want exactly the same notes back physically.’
Senator RENNICK: Okay.
Ms Bullock : The international standard around gold is that gold is fungible. One gold bar is—
Senator RENNICK: If you don’t mind, I’m familiar with international accounting standards. I’ve got good experience in this. It is incredibly important that these gold bars’ serial numbers do not change. If you can change the serial numbers of gold bars, then you cannot trace the gold bars. That’s the whole point. Are you saying that these serial numbers change?
Dr Kent : Yes.
Senator RENNICK: Okay, well, that’s not proper accounting policy.
Ms Bullock : Gold is fungible.
Dr Kent : The value of our gold holdings does not change.
Senator RENNICK: No, that’s not right. This is exactly why this needs to be disclosed. You are engaging in market manipulation.
CHAIR: Thank you, Senator Rennick. We’re on five-minute blocks, and you got one there.
