Spain's Gold: Where is it ...?

[Sapiens]

http://http://www.telegraph.co.uk/mo.../cnspain16.xml

The Banco de Espana's holdings of foreign currencies and gold have fallen to €13.2bn (£9.02bn), equivalent to 12 days of imports.

Over the past two months the Banco de España has sold off 80 tonnes of gold, flooding the world market with enough bullion to dampen the usual spring rally.
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The Banco de España refused to comment on the sales, leaving it unclear why reserves have fallen so low, or where the money has gone.

[Sapiens]

Re: Spain's Gold: Where is it ...?

http://semprametals.com/LiveNews/iSt...StoryID=373631

MADRID (Dow Jones)--The Bank of Spain sold 40 tons of gold from its foreign exchange reserves in April, according to information on the central bank's Web site.

Following on the heels of 40 tons sold in March, the April sale lowered Spain's gold reserves to 335.9 tons.

The value of the remaining gold was EUR5.38 billion, or 41% of the Bank of Spain's total reserves.

The Bank of Spain, along with 14 other European central banks, is a signatory to the European Central Bank Gold Sales Agreement, which entitles them to collectively sell 500 tons of gold a year.

Bank of Spain Web site: http://www.bde.es

-By Jonathan House, Dow Jones Newswires; +34-91-3958121; jonathan.house@dowjones.com


(END) Dow Jones Newswires

May 10, 2007 14:24 ET (18:24 GMT)

[Mega]

Re: Spain's Gold: Where is it ...?

Is not the IMF dumping 400 tons?
The IMF is not doing much bussniess these days, seeing how much cheap cash from Russia/China is about!
Mike