Gold has been used as a form of currency for thousands of years, and even today is a huge part of the world economy due to how stable the gold market is.
In theory, gold is not a fraud. In practice, gold is a fraud.
But many experts claim that 80% of the gold owned today doesn’t actually exist…If this is true, it would be one of the largest cases of fraud in history similar to that of the Federal Reserve. ‘Every ounce of gold has 4 unwitting owners’ also known as ‘paper’ gold.
The Secret World of Gold (below) is a documentary exploring the power and politics of gold, a precious metal with more allure and fascination than any other. Valued for its permanence, beauty and scarcity, people will lie, cheat, steal and kill in the name of gold.
To finance the Third Reich, the Nazis went after the gold of Europe. Allied countries stored their gold offshore to keep it safe. In the first months of the Second World War, the gold of England and France was secretly shipped to vaults in Montreal, Ottawa and New York.
Those ships made it safely to port, but throughout history, many were not so lucky. It is estimated that worldwide, 3 million shipwrecks loaded with treasure lie at the bottom of the ocean. Odyssey Marine, an American company listed on the NASDAQ stock exchange, spends huge amounts of money to search for that gold. But there’s always the risk they will have to hand it over to countries claiming ownership.
France’s gold was sent to North America during WWII
In recent years, economic uncertainty is giving gold a new lustre in the world of high finance. Whether it’s a few gold coins or gold bars stored in one of the many vaults around the world, many investors are taking a shine to gold. But there’s not a lot of it. It is said that, even melted down, there would not be enough to fill an Olympic swimming pool (or maybe not – see sidebar).
Some claim that much of the gold held by the Bank of Canada, the Bank of England, the Federal Reserve and Fort Knox is gone — that for every 100 ounces of gold traded, there exists only one ounce of real, physical gold. So, where is the gold — and who really owns it?