Libya has gold reserves under the top 25 at the world, amounting to over $6 billion current prices.
The reserves, which in Libya held be, could economic sanctions over a longer period hard Colonel Gaddafi and asset seizures by the international community find you under.
History teaches us that armies were long paid in gold or in silver and bronze coins were paid other metals - troops of the Roman Empire.
Colonel Gaddafi Libya gold could use to pay for the army or mercenaries?
World business news Manuela Saragosa spoke with Adrian ash, head of research at bullion vault, an online gold trading company in London.
The full transcript of the interview below:
Adrian Ash: the thing about gold, and this is true in the course of history, it is really is about economic freedom. Sometimes works to the advantage of the dictators, and sometimes to the benefit of private individuals of personal freedom works.
It is obvious for Gaddafi this anonymous highly liquid asset potentially have quite useful. What I think is perhaps more interesting compared to its Central Bank reserves, he has actually another $93 billion worth of stuff.
Manuela Saragosa: Euro, dollar?
Adrian Ash: Dollar or the euro was not the right place in the physical paper, and I would imagine that the militia, which he tried to pay way or to promote, further fight to go, before they want gold, because this $ international are accepted. You can get as a means of payment to anywhere.
Manuela Saragosa: And it is unusual to see a Central Bank like the Libyan Central Bank actually physical gold in their rooms have?
Adrian Ash: well, I mean, certainly large stocks of gold in their operated the New York Fed, Bank of England, the European Central Bank, have them all. But on smaller gold reserves, to smaller Nations, smaller economies, yes usually is, they have some sort of trading balance at one of the major commercial centres, London, New York actually find. So, Yes, it is relatively uncommon, actually see a small nation, hoarding all this at home.
Manuela Saragosa: Why has it hoarded the Libyan Central Bank then?
Adrian Ash: well, I think it is obvious, as they say gold is basically it would be, in the final analysis, it is the ultimate means of payment, and I think al-Qadhafi has view to this day for some time. I mean, he has experience of it since 1996 with penalties across the EU.
Manuela Saragosa: how easy is it for Colonel Gaddafi, gold to convert to cash if he wants to?
Adrian Ash: well, I think it will be very difficult at the moment for him to convert the uppercase because the international market, not to him speak. He's going to have to find a friendly regime and they are in General must first able to be there physically by Libya.
I would be surprised if it was still in Tripoli. I would imagine that, similar to the French in the second world war, which moved their gold of Paris reserves and deep quickly, the gold in the mountains will be more unavailable. It will be hidden somewhere. So I dont think it is very easy.
Manuela Saragosa: So it is actually useful, then all these gold in any way with?
Adrian Ash: again, historically, if you look back, gold is the ultimate means of payment, the ultimate form of Exchange in the crisis. Have you seen Nazi Germany was able in the past, some of the purchases during the war, United Kingdom with the cash and carry in the first years of the war with the United States, to finance, but I do not know, how much is it really to support its care, the Gaddafi regime.
Manuela Saragosa: But when it came to crunch, you could for example meltdown the gold to pay your army with him, you can in this way?
Adrian Ash: sure. You could hack it, absolutely right. I mean, if he has it in the bar form.
Manuela Saragosa: it is difficult, crushing?
Adrian Ash: No. I is relatively soft my Gold and I mean, I'm sure he would have it the machines. He could melt it down and have I knocked it into smaller units, and certainly my, that would be a good way to pay. I my, his militia I am sure look, take that can get them any kind of payment.
Manuela Saragosa: the data of the IMF has proposed, it is approximately 148 tonnes of gold. Like works that look, I meaning that look like?
Adrian Ash: now, the really not much gold. All the world, the gold ever mined in the history has been is about 165 000 tonnes. If got you, that all together and converting to a single cube, is about 20 meters on each edge. It is really not so much. It is just incredibly difficult.
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