Speaking through a telephone call to state television, Libyan leader Moammar Gaddafi delivered quite a defiant tirade on Sunday, March 20, vowing a "long war to victory" and pledging retaliation against the international military action that's descended upon Libya. Many military experts have suggested that the number of troops loyal to Gaddafi could be fewer than 10,000, and argued that Gaddafi will not last long at all.
Moreover, U.S. and European governments have imposed sanctions and frozen Libyan assets worth billions of dollars, including the central bank, sovereign wealth fund and state oil company, resulting in the cutting off of funding for further support activities -- unless Gaddafi has a hidden pot of gold or two somewhere.
As it has turned out, the "long war" threat from Gaddafi may not be as emply as some might think. The Financial Times on March 21 cited data from the International Monetary Fund (IMF) that the Libya holds 143.8 tonnes of gold (see table), but some say the actual amount could be several tonnes higher.
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