[mort96]

A gain of $15b? That's roughly the value of 100 metric tons of gold, remarkably close to the 129 tons that the article says was moved... did they double the value of their gold?

[mhluongo]

When something is "realized" is a matter of accounting. It means to make the change, they sold the gold fo currrency, then bought it back. For many of us, realizing a gain is when taxes happen, though I'm not sure what it means for a nation state.

https://www.investopedia.com/terms/r/realizedprofit.asp

[mort96]

So they could sell it again and buy it again and realise another $15b?

[atombender]

No, there wouldn't be any gains to realize — unless the gold price went up since they bought it, of course.

If you buy something for $10 and sell at $15, you realized a gain of $5. If you then buy at $15 and sell it at $15, you realized a gain of $0.

[coldtea]

That's an orthogonal matter (if the gain/loss was calculated correctly).

But they didn't just move gold bars around, is my point, and in what they did (sold, rebuy) there indeed was an opportunity to make a gain.