Some, either through ignorance of the gold file, or devoting themselves to counter-productive praise for power itself, pour into euphoria contrary to the recent orientations of the President of the Republic, for a language of truth, to avoid to mislead public opinion. These recent analyzes and statements fail to mention, an important fact, that the 2023 report of the Market Development Organization for the gold industry, World Gold Council, shows that the volume of Algeria remains unchanged since 2006 /2007 with approximately 173.8 tons and that money, in general, is a social relationship reflecting the state/citizen trust relationship, allowing exchanges but not creating wealth, the basis of value being work .
1.-A country’s international reserves are generally all the available assets making up the portfolio of assets held by its central bank (currency, gold, special drawing rights (SDRs). In the area of foreign exchange reserves, the dollar continues to be dominant, dominating where in January 2022, it represented nearly 59% of world foreign exchange reserves, its share having been on a downward trend since 1999, when it represented 71% of reserves. world exchange rates against around 20% for the euro, not to be confused with its share in world payments which, according to the IMF at the beginning of 2021, amounted to 38%, the euro being on a par with the dollar. The breakthrough of the Chinese currency the yuan is expected by 2030, the International Monetary Fund having raised the weighting of the yuan, or renminbi, from 10.92% to 12.28% in the new evaluation of the SDR (Special Drawing Rights) , the IMF’s unit of account that serves as an international reserve asset. Gold quoted in ounces is traded on the precious metals market, mainly in the places of New York, London, Zurich and Hong Kong. Since gold is indefinitely reusable and practically indestructible, almost all of the tons of gold mined since the beginning of humanity are still in existence. In total, mines produce about 60% of the world’s supply, the remaining 40% comes from recycling and resales of central bank stocks Gold has served as the exclusive monetary standard the gold standard with the Bretton Woods agreements establishing the international monetary system in 1945 (Gold Exchange Standard) with the dollar as the international currency defined in a certain weight of gold and the other currencies in dollars. In 1971, with President Nixon, the United States suspended the convertibility of the dollar vis-à-vis gold and in 1976 the Jamaica agreements demonetized gold which, from then on, The quotation for an ounce of gold for April 06, 2023, 11 a.m. GMT, is 2018.64 dollars (1 ounce = 31.104 grams, or 0.031104 kg), 64900.78 dollars per kilo and 64.90 dollars per gram, an increase of 25% compared to December 2022, . According to the World Gold Council (WGC) report, the world’s central bank gold reserves are around 35,244.5 tons and the total reserves of the 100 countries are estimated at 32,813 tons. gold in the world in 2021 (in tonnes) are Australia 11,000, Russia 6,800, South Africa 5,000, USA 3,000 tonnes, Indonesia 2,600, Brazil 2,400, Peru 2,000, Canada 2,200, China 2,000 (foreign exchange reserves at the end of 2021 exceeding 3,200 billion dollars).
2.- For Algeria, gold reserves, (all foreign exchange reserves closed at the end of 2022 at more than 60 billion dollars), are approximately 173.6 tons of gold, the value being estimated at 10/12 billion dollars between the beginning of 2022/April 2023, according to the significant fluctuations in the price on the stock exchange, where there has been no change in volume in the level of gold reserves since 2005/2006 . Already in two contributions published in 2006 and 2007 following the various reports of the CMO, I noted that Algeria had the same volume of 173.6 tons of gold (see google.com A. Mebtoul.2006/2007). This places Algeria 26th in the world, in terms of gold reserves, Algeria ranking third in the Mena region (Middle East, North Africa) and the first in Africa followed by South Africa with 125.3 tons, Libya 116.6 tons Egypt with 80 tons while and Morocco 22.1 t, Nigeria (21.3 t), Mauritius (12.4 t ), Ghana (8.7 t), Tunisia (6.8 t) and Mozambique (3.9 t) In the Arab world, Algeria is third, ahead of Saudi Arabia (323.1 t) and Lebanon (286.8 t). What about internal production in Algeria? On March 03, 2022, the Minister of Energy and Mines, revealed the company ENOR continued the exploitation operation of the two mines of Tirek and Amesmessa in the wilaya of Tamanrasset, after the departure of the company Australia, and this through the superficial extraction of crude gold, that the gold mines under ENOR have a geological reserve of around 51 tonnes of exploitable gold, requiring “significant financial investment and special mining techniques”, stating that the national auriferous geological reserve is estimated at 124 tons and that gold production in Algeria has reached, since the start of the exploitation of this ore in 2001, until 2021, 6.8 tons. However, to avoid bad assumptions, managers must learn to communicate well, because in popular consciousness gold is a very sensitive subject, why the stock of gold has not increased since 2006, we can hypothesize that the bank of Algeria has not acquired this production which was intended either for export or especially for the domestic market via jewellers. As it is necessary to take stock, the financial advantages granted and the results on the ground, of all the approvals granted for the exploitation of gold within the framework of the policy of the development of the activating microenterprises, where according to the Ministry of Mines in a statement dated December 17, 2020 57 youth cooperatives were authorized, out of a total of 170 requests made,
3.- Historical experience shows that it is not the countries that have large foreign exchange reserves or a surplus trade balance that necessarily experience the high growth rate . The social relationship currency reflecting the State/citizen trust relationship is a sign allowing exchanges that do not create wealth. On the contrary, hoarding and speculation in safe havens such as gold, certain currencies or certain raw materials are harmful to any economy . On the contrary, hoarding and speculation in safe havens such as gold, certain currencies or certain raw materials are harmful to any economy. As shown above, there is no correlation between the richest countries and the level of foreign exchange reserves. As, it is a question of avoiding this monetary myth of focusing only on the balance of the trade balance in order to preserve the foreign exchange reserves, static vision, and not in dynamics, not to be delighted with a trade balance positive with shortages affecting the majority of sectors. It is like a household that is food deficient through restrictions, but with many illnesses. The apparent illnesses of the social body are unemployment, the employment rate being a function of growth, which should create 350,000/400.
In conclusion, the wealth of any nation comes from good governance, allowing the creation of added value based on work and intelligence. No country has developed thanks to the myths of raw materials including gold, but thanks to knowledge and good governance. After exhausting its gold stocks, with the discovery of Christopher Columbus, Spain declined for several centuries when in 1962, Algeria was more developed. The communist Romanian regime had foreign exchange reserves thanks to drastic import restrictions, but a crumbling economy. And this is what awaits the countries producing hydrocarbons or raw materials that live only thanks to this income.
