Quote:
Originally Posted by
Gatorguy 
Quote: "Very little of it belongs to the U.S. government.
There are roughly 540,000 gold bars belonging to 48 foreign central banks and 12 international organizations such as The International Monetary Fund or The Bank for International Settlement. The United States has about 5 percent of its gold stored there."
His point stands. The OP stated. "UAE is by far one of the wealthiest countries on the planet and holds most of its gold. You can't be that ignorant."
Nothing in his statement appears to be true until you slide the goal posts to include UAE as "one one of the most wealthiest countries" and then only compare it to countries at the bottom to justify the "by far" comment, but that's not realistic.
The OP also stated that UAE
holds most of the world's gold. As
ChiA has shown it's the US that actually holds most of the world's gold. Holds and owns are very different things which is why I think the OP might have been smoking something, which i'm sure he was just
holding for a friend (see what I did there?).
Now one could argue that the UAE owns most of the world's gold (which I don't think is true), that they under-report most of their precise metal holding (which may be true to some extent, but not to any feasible extreme that would give them the world's largest reserve), that their Emirs are largest private owners of gold in the world (which I can see being true), or that because Dubai often trades in — hence the name City of Gold — that it has the most gold passing through it (which I also think could be true), but what the OP stated is certainly false.
Even more egregious is how he concluded that paragraph which sets him up for being taken to task over his
ignorant comments. Now his final paragraph about it being the financial center of the ME seems reasonable to me.
Edited by SolipsismX - 3/4/13 at 7:18am
