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Re: A-RAB Gold
old news is old...Originally posted by Mega View Post
Here is today’s report from the World Gold Counsel on the latest IMF report that sent gold prices to new highs.Official sector gold reserves as at June 2010The Saudis turn out to own more than twice as much gold as previously reported, a 179 tonne difference.
European central banks sold virtually no gold over the past quarter, save a small amount for minting gold coins. Total sales by European central banks have amounted to just 1.8 tonnes since the third central bank gold agreement began in September of last year. The only sales of note made via CGBA3 have been by the IMF, which has sold 38.7 tonnes since mid-February. We expect the IMF to sell at a similar pace this quarter.
Outside of the agreement, the main purchases reported over the last quarter have been by Russia and the Philippines, both of which have long-standing gold buying programmes. The Central Bank of Russia bought another 26.6 tonnes of gold over the past quarter, taking its total gold holdings to 668.6 tonnes or 5.5% of its total reserves, and remains the 9th largest official sector gold holder. The Philippines central bank bought 9.5 tonnes of gold in March, taking its gold holdings to 164.7 tonnes or 13.7% of total reserves.
The Saudi Arabian Monetary Authority reported last quarter that “gold data have been modified from First Quarter 2008 as a result of the adjustment of the SAMA’s gold accounts”, meaning SAMA’s gold reserves are now reported to be 322.9 tonnes or 2.8% of reserves, from 143 tonnes or 1.2% previously.
Gold may decline 50% before the World Cup is over
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Re: A-RAB Gold
To put this in perspective they now have $1 of gold "reserves" for every $2000 in oil reserves or a drop in the bucket.Originally posted by Mega View PostComment
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