Does the Bank of England have to have enough Gold reserves?
To cover the value of currency in circulation, if this is so, how does it take into account the fluctuation in the value of Gold
Answers:
There was a point when Great Britain adhered to the gold standard for it currency, this meant that the Bank of England would hold gold to cover the currency. This is no longer the case, and the Bank of England does sell off it's reserves from time to time, however they always seem to pick the times when the gold price is at it's lowest.
no
No, not since they withdrew the promise to pay the bearer of the note [pound notes] the amount in gold.
that's a good question. They probably don't know themselves.
I'd say no, although originally yes, The pound was originally worth one pound of gold, now it's worth virtually nothing at all.
I don't believe it does any more.
BOTH AMERICA AND ENGLAND ARE EXPERTS IN THE
CREATION OF INFLATABLE MONEY! CHECK THE HISTORY,
IT'S QUITE FASCINATING!!
i believe it still does although it doesnt take into acount the fluctuation in the value of gold but values it on the weight of gold
Yes it does, it needs to have 5% and this is held at a fixed annual rate.
The UK came off the gold standard in the 1920's I believe. Since then there has been less gold in the reserves than currency in circulation.
Not since our ever thoughtful chancellor, what's his name? - the likely next man to "run" sorry "ruin" the country? - you know Gordon something-or-other sold it all, before he decided your pension fund (which is now wondering how on earth it's going to pay you without it's invested equity) could really manage without the £500m he took from it, not to mention all the other "stealth" taxes he takes. Sorry this was not meant to be a political speech!
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Answers:
There was a point when Great Britain adhered to the gold standard for it currency, this meant that the Bank of England would hold gold to cover the currency. This is no longer the case, and the Bank of England does sell off it's reserves from time to time, however they always seem to pick the times when the gold price is at it's lowest.
no
No, not since they withdrew the promise to pay the bearer of the note [pound notes] the amount in gold.
that's a good question. They probably don't know themselves.
I'd say no, although originally yes, The pound was originally worth one pound of gold, now it's worth virtually nothing at all.
I don't believe it does any more.
BOTH AMERICA AND ENGLAND ARE EXPERTS IN THE
CREATION OF INFLATABLE MONEY! CHECK THE HISTORY,
IT'S QUITE FASCINATING!!
i believe it still does although it doesnt take into acount the fluctuation in the value of gold but values it on the weight of gold
Yes it does, it needs to have 5% and this is held at a fixed annual rate.
The UK came off the gold standard in the 1920's I believe. Since then there has been less gold in the reserves than currency in circulation.
Not since our ever thoughtful chancellor, what's his name? - the likely next man to "run" sorry "ruin" the country? - you know Gordon something-or-other sold it all, before he decided your pension fund (which is now wondering how on earth it's going to pay you without it's invested equity) could really manage without the £500m he took from it, not to mention all the other "stealth" taxes he takes. Sorry this was not meant to be a political speech!
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