One can now add the recent gold sales by former Libyan leader Muammar Gaddafi to the growing list of evidence refuting Fed Chairman Bernanke’s claim that gold is not money.
In his regime’s final days, Gaddafi sold over $1 billion worth of Libya’s gold reserves to local merchants, according to Qassem Azzoz, the nation’s central bank governor.
The Telegraph reported Azzoz stated that “The gold was liquidated in order to pay salaries and to have liquidity, in Tripoli in particular.”
Azzoz went on to say that Libya’s central bank total assets now stand at approximately $115 billion, of which $90 billion is abroad.
The report also noted that the gold likely made its way out of Libya to neighbouring Tunisia and other countries, according to various central bank officials.
Gaddafi’s whereabouts remain a mystery at this time, with speculation running rampant that he has either fled Libya or remains in hiding in a bunker deep below Tripoli, the nation’s capital.
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