He added that there’s ‘spectacular demand in India’ with buyers paying $30/oz over spot for 1 kg bars (.995 quality)—in contrast to the more normal $0.50 premium.
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He added that there’s ‘spectacular demand in India’ with buyers paying $30/oz over spot for 1 kg bars (.995 quality)—in contrast to the more normal $0.50 premium.
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BERLIN, Aug 22 (Reuters) - Germany's Bundesbank on Friday rejected calls that it should sell some of its gold reserves to help boost the slowing German economy, telling Reuters financial and political uncertainty make the reserves even more important than before...
..."National gold reserves have a confidence and stability-building function for the single currency in a monetary union. This function has become even more important given the geopolitical situation and the risks present in financial market developments."
...The Bundesbank is the world's second-largest holder of gold after the U.S. Federal Reserve, and has sold just 20 tonnes out of total reserves of over 3,000 tonnes in the past five years.These sales were to allow the German finance ministry to mint gold coins, unlike the much more active sales programmes of other central banks which wanted to shift their portfolios from gold to a more diverse array of assets.
My other blog is at wordpress.com. Here on this blog I write daily commentary. And on my other blog I write about the big picture topics of how and why the market is moving the way it is moving, and link to related articles which give behind the scenes real picture. For instance, later today I will post on http://goldbullion.wordpress.com/ how and why the usdx went up in inexplicable way. And that will explain why the gold went down in explicable way. |
Update : I have posted, please check http://goldbullion.wordpress.com/2008/08/09/why-usdx-went-up-and-so-gold-went-down/