Friday, October 28th 04:49 PM IST

Libya scrambles for missing gold

# Libya gold  # Gadhafi  # Sirte  # IMF  # NTC  

That's where Libya looked at its gold reserves. Libya's ruling National Transitional Council (NTC), who declared the liberation of the entire Libya last week is still searching for the vast gold reserves hidden somewhere in the country.

Gold bars

NEW DELHI(BullionStreet) : Post Gadhafi Libya needs massive reconstruction to stay in touch with rest of the world and its only resource capable of funding enormous amount required for the job, oil, isn't immediately availabale.

Though international community vowed to help Libya in the process, the country desperately needed its own fund to retrieve life in every sector,truely hamperd by the civil war and Gadhafi's tyranny.

The country to carry out its political and economic reconstruction as soon as possible but cant wait till oil money flows.

That's where Libya looked at its gold reserves. Libya's ruling National Transitional Council (NTC), who declared the liberation of the entire Libya last week is still searching for the vast gold reserves hidden somewhere in the country.

Prior to the civil rebellion, Libya was holding 143.8 tons , among the top 25 in the world, are worth more than $6.5 billion at current prices, enough to pay for immediate and urgent works.

Libya needs this gold to encash as it's meagre foreign reserves wouldnt be enough for funding and also on the fact US dollar is losing its charm among global companies who will be in Libya for the reconstruction from next month onwards.

Companies from around the world, have already begun preparing for the job as they know once reconstruction begins, business opportunities will be plentiful and lucrative.

While many central banks hold their gold reserves in international vaults in London, New York, or Switzerland, Libya's bullion is in the country.

However, country's central bank is yet to announce the amount of actual gold it holds. There may be significant losses as Gadhafi and family might have looted a major portion and hide it somewhere in the country or may have taken it to neighbouring country's as widely reported by medias.

It was reported that gold may have been moved to another location from central bank, such as the southern city of Sebha within reach of the borders with Chad and Niger.

If Libya's gold was taken out of the country, it would be the biggest blow the country cant afford to take at this time. That's why finding the gold is key to Libya's reconstruction and survival in the near future.

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