I believe the reason why can be found in the Opal File (go straight to 1979):
https://www.wakeupkiwi.com/the-opal-file.shtml
EWNZ
Nigel Gray
New Zealand is being told the country is “broke,” that we must borrow billions just to pay interest on existing debt, and that austerity is unavoidable.
Yet at the same time, New Zealand is exporting one of the world’s most strategically important assets — gold — at a fraction of its real market value, while refusing to hold any gold reserves whatsoever.
This is not speculation.
It is documented in Treasury production data, Reserve Bank OIA disclosures, and international gold‑market reporting.
And it raises a question every New Zealander should be asking their MP:
Why is New Zealand exporting gold at ~3% of its global market value while refusing to hold even a single ounce in reserve?
🧩 The Numbers: NZ’s Gold Export Pricing vs Real Market Value
1. NZ’s gold production (2024): ~12 tonnes
Source: NZ Petroleum & Minerals production returns.
2. NZ’s gold production value (2024): NZ$840 million
This is the value reported by miners to NZP&M — based on transfer pricing, not global bullion pricing.
3. NZ’s gold export revenue (2024): NZ$612 million
Source: Stats NZ export data.
4. Global gold price (2026): ~US$4,008 per ounce
≈ NZ$6,800 per ounce
≈ NZ$218,000 per kilogram
≈ NZ$218 million per tonne
5. What NZ’s gold would be worth at global spot price
12 tonnes×218 million NZD/tonne=2.616 billion NZD
Correct valuation:
NZ’s annual gold output is worth ~NZ$2.6 billion at global spot price.
But NZ receives only NZ$612 million in export revenue.
That means:
NZ captures ~23% of global value — not 3%.
The “3%” figure applies to raw ore transfer pricing before refining, not to the final export revenue.
The real scandal is still enormous:
NZ loses ~NZ$2 billion per year in unrealised value.
And that is before considering:
- royalties (1–3%)
- foreign ownership of mines
- offshore refining
- offshore bullion sales
- offshore profit retention
The economic leakage is staggering.
🧨 The Reserve Bank Confirms: NZ Holds Zero Gold
Multiple OIA responses confirm:
RBNZ holds no gold reserves.
RBNZ has done no analysis on global gold accumulation trends since 2018.
RBNZ’s justification:
Gold “does not provide the same operational liquidity” as foreign currency assets.
This is extraordinary because:
Central banks worldwide are buying gold at the fastest pace in 55 years.
- Q2 2026 central bank gold buying: 289 tonnes
- Poland: 64 tonnes YTD
- China: 2,331 tonnes total
- Uzbekistan: 33 tonnes YTD (87% of reserves in gold)
89% of central bankers expect global gold reserves to increase.
New Zealand is the outlier — the only advanced economy with zero gold.
🧨 The Contradiction: Gold Is on NZ’s “Critical Minerals List”
The Government’s Critical Minerals Strategy states:
“Gold is included on New Zealand’s Critical Minerals List because of its importance to New Zealand’s economy and to achieving our goal of doubling mineral exports by 2035.”
Yet:
- NZ exports gold at a fraction of global value
- NZ holds zero gold reserves
- RBNZ claims gold “does not help liquidity”
- Treasury and RBNZ have done no modelling on global gold accumulation trends
This is a policy contradiction so severe it borders on negligence.
🏦 Meanwhile: Tether and BlackRock Are Accumulating Gold at Strategic Scale
This is where the story becomes global — and alarming.
Tether Gold (XAU₮): Audited Physical Gold Holdings
These figures are verified quarterly by BDO Italia.
Q4 2025
- 520,089.350 oz
- 16.17 tonnes
- US$2.246B
Q1 2026
- 707,747.139 oz
- 22.01 tonnes
- US$3.303B
Q2 2026
- 707,747.139 oz (unchanged)
- 22.01 tonnes
- US$2.837B (price change)
Key point:
Tether holds 22 tonnes of physical gold, not 146 tonnes.
The “146 tonnes” figure circulating online refers to Tether’s broader gold‑exposed investment activities, not the audited reserves backing XAU₮.
BlackRock
BlackRock’s Gold & General Fund manages £2.06 billion (NZ$4.3B) in gold‑related assets — primarily mining equities.
They understand what NZ policymakers do not:
Gold is becoming the backbone of the next monetary system.
🧨 The Global Shift: Gold Is Replacing USD Dependence
Central banks cite the same reasons:
- Crisis performance
- Geopolitical hedging
- Reserve diversification
- Declining USD dominance
NZ has done no modelling on any of these trends.
We are flying blind.
🔥 The Political Question That Must Be Asked
Why is New Zealand exporting gold at a fraction of its global value while refusing to hold any gold reserves — even as the world’s largest central banks and private institutions accumulate gold at record pace?
Why are we borrowing billions to pay interest on loans while exporting strategic assets at giveaway prices?
Why is gold “critical” for export growth but “irrelevant” for reserve security?
Why has RBNZ done zero analysis on global gold trends since 2018?
Why are private companies like Tether holding 22 tonnes of gold while NZ holds none?
These are not academic questions.
They are questions of sovereignty, economic security, and national competence.
🧨 The Whammy: NZ Is Selling Strategic Gold While Others Prepare for a Monetary Reset
The world is quietly re‑anchoring itself to gold:
- Central banks are buying at 1960s levels
- BRICS nations are exploring gold‑settled trade
- Digital gold products (like XAU₮) are exploding
- Private institutions are accumulating bullion at sovereign scale
New Zealand is doing the opposite:
- Selling gold cheaply
- Holding none
- Ignoring global trends
- Borrowing to pay interest
- Calling gold “critical” while treating it as disposable
This is not just bad policy.
It is a strategic failure.
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Supplementary OIA Request – Gold Royalty vs GST, Fuel Tax, and Comparative Tax Burden
Photo Credit: Nigel Gray
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