Monday, December 5, 2011
Germany Now Holds 109.194 Million Ounces of Gold
Unless Germany plans on pulling off another Die Hard With a Vengeance, we recommend they not expect to ever see their gold again.
Notice also that the headline reads that Germany lowered its reserves in October, implying the central bank is dumping gold, while buried in the article its revealed that its reserves were lowered because it minted 150,000 ounces of commemorative gold coins which were sold to the public.
World's second largest gold reserves holder Germany lowered the reserves while five other nations including Russia piled up the yellow metal in October.
According to IMF, Germany's central bank,the Bundesbank reduced its reserves to 109.194 million ounces in October, from 109.344 million ounces in September.
This is the first time Germany lowered reserves in nearly a year. Bundesbank sold 150,000 ounces of gold to the Ministry of Finance to mint commemorative coins.
The last time Germany's reserves were lowered was in December 2010, when the Bundesbank reduced total holdings by 27,000 ounces, from 109.371 million ounces.
Former soviet state of Tajikistan also cuts gold reserves by 0.4 tons in October.
Meanwhile, Russia, Kazakhstan, Colombia, Belarus and Mexico added a combined 25.7 metric tons of gold valued at $1.38 billion to reserves in October, a month after prices rose to a record.
Posted by The Doc at 11:22 AM