Libya’s Col. Gadhafi is a Goldbug, And He’s Got Lots of Old

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By Dave Kansas
Some may think Col. Moammar Gadhafi comes off as a bit eccentric, but someone doesn’t stay in power for 40-plus years by accident.

The Financial Times reports today that Col. Gadhafi is something of a goldbug. The Libyan central bank, which the FT says is under Col. Gadhafi’s control, has been hoarding gold. According to the IMF, Libya’s central bank has 143.8 tons of gold, putting it in the global top 25.

And like true goldbugs, they have made sure that all the shiny yellow stuff is housed in Libya, the FT reports. Most central banks leave their gold in vaults in places like Lonon, New York or Switzerland. But many a [despot] has learned the hard way that getting gold back from those places when you really need it isn’t so easy.

At present values, Col. Gadhafi’s gold stash is worth about $6.5 billion. That’s plenty of dosh to keep Libya and its military functioning despite the manifold sanctions being imposed on the country.

http://blogs.wsj.com/marketbeat/2011/03 ... ld-yeller/

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I think the Gaddafi has better brain than many other Arab and African leaders. He put some of his resources into gold and never sored it in western banks. There have to be undeclared reasons why the west is running to invade and capture his country. The whole claim of 'massacring people' is a smokescreen. It is very possible that Colonel Gaddafi was pursuing to convert all of the funds in the west into gold and hence the invasion of the west that came as a result of that.