Claim: Countries are buying more gold reserves from the Philippines because of the worldwide return to the gold standard monetary system. These reserves come from the Marcos family’s gold deposits.
Rating: FALSE
Why we fact-checked this: The YouTube video bearing the claim has 172,856 views, 8,700 likes, and 2,152 comments. It was posted on August 6 by a channel notorious for erroneous claims about the Marcoses.
The video’s narrator said: “Bumibili sila ng ginto ngayon sa Pilipinas, need kasi nila ng pang-back up sa kanilang national currencies dahil sa total de-dollarization at devaluation ng US Dollars na kasalukuyang nagaganap sa pandaigdigang merkado dahil halos lahat ng mga bansa ay inaabandona na ang dolyar bagkus bumabalik sa gold standard ang mundo.”
(Other countries are currently buying gold from the Philippines because they need their national currencies to be backed by gold amid the total de-dollarization and devaluation of the US dollar in the current global market, as almost all countries are abandoning the dollar since the world is returning to the gold standard.)
The video adds that the country has vast gold reserves deposited in the central bank due to the late President Ferdinand E. Marcos’ supposed dealings with national hero Jose Rizal.
The bottom line: Rappler has debunked claims that the world will revert to the gold standard monetary system, where a country’s currency is dependent on a fixed quantity of gold. Currently, countries worldwide have used fiat money as the primary medium for financial transactions since the shift to the fiat monetary system in the 1930s.
Rappler has debunked false claims about the gold standard:
- Marcos ringing NYSE closing bell does not signal return of gold standard
- FALSE: Nixon declared in 1973 that the US dollar will no longer be backed by gold
- FACT CHECK: ‘Ang Bagong Lipunan’ currency series not backed by gold
Gold reserves: Rumors about the Marcos family holding vast deposits of gold, including those supposedly sourced from the Yamashita Treasure and national hero Jose Rizal, have also been long debunked. (READ: Lies that persisted in Marcos’ 1st year as president: Gold, propaganda, credit-grabbing)
Contrary to the claim, the Philippines also does not have enough gold reserves to support the supposed worldwide return to the gold standard. According to the Philippine Statistics Authority’s June 2024 report, the country has 401.70 thousand kilograms of Class A gold reserves in 2023. Data from the US Geological Survey and the World Gold Council show that other countries have higher gold reserves.
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According to the World Gold Council’s list, the top five countries with the most gold reserves in 2023 (in metric tons) are:
- United States – 8,133.46
- Germany – 3,352.65
- Italy – 2,451.84
- France – 2,436.97
- Russian Federation – 2,332.74
Rappler has published several fact-checks about the so-called Marcos gold:
- FACT CHECK: Video doesn’t show evidence of Marcos revealing family’s gold account
- FACT CHECK: No Marcos gold bars deposited in World Bank
- FACT CHECK: No such thing as Marcos gold account in Australia
— Kyle Marcelino/Rappler.com
Kyle Marcelino is a graduate of Rappler’s fact-checking mentorship program. This fact check was reviewed by a member of Rappler’s research team and a senior editor. Learn more about Rappler’s fact-checking mentorship program here.
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