European banks use gold reserves to raise cash

By Jack Farchy Financial Times, London Tuesday, July 6, 2010 http://www.ft.com/cms/s/0/e3ed5836-8949-11df-8ecd-00144feab49a.html European commercial banks have begun using their holdings of gold to raise cash with the Bank for International Settlements, in a further sign of strains in the money markets on which many rely for funding. The BIS, the so-called “central banks’ central bank,” took [...]

A Retrospective Look at U.S. ‘Gold Reserves’

Jeff Nielson submits: In discussing the “gold reserves” of the U.S. government, the first point to make is that the only way in which this topic can be discussed is from a retrospective viewpoint. The reason for this is that while the U.S. government claims to have the largest reserves of gold in the world [...]

China to Increase Its Gold Reserves

Yesterday, China’s Economic Information Daily published remarks by a senior Chinese official indicating that Dubai’s debt crisis could be a good opportunity for China to purchase gold and oil assets. Ji Xiaonan (Chairman of the Supervisory Committee overseeing large state-owned enterprises) was quoted as saying that the Dubai debt crisis “could give China an opportunity [...]

South African gold reserves more than 90% less than claimed

By Barry Sergeant, Mineweb JOHANNESBURG – The apparent bottom line in a paper published in the South African Journal of Science is that South Africa’s gold industry is on final deathwatch, despite claims of massive existing below-ground reserves. Chris Hartnady, research and technical director of Cape Town earth sciences consultancy Umvoto Africa, has found that South [...]

Dollar Wobbles on Chinese Currency Diversification Concerns

Mark O’Byrne submits: Gold Gold closed trading at $1,039.80/oz In euro and GBP terms gold is trading at €699/oz and £635/oz. Support for Gold is currently seen at $1,030/oz and resistance at $1,053/oz. Gold fell yesterday as oil prices and equities came under pressure and the dollar rose. The dollar has fallen marginally today after [...]

Gold May Have More Price Support now Than at any Time Since 1989

The Daily Reckoning The central banks of the world are changing tune. Since 1989, the banks have been net sellers of gold reserves, meaning that as a group they have sold more than they have taken in. This is an important point because the large gold sales of central banks tend toward lowering the spot [...]

The World’s Biggest Gold Reserves

With the price of gold reaching an all-time high of over $1,050 per ounce, resourceINTELLIGENCE TV have taken the (not very novel) approach of looking at countries with the largest gold reserves As of June 2009, world gold holdings are are believed to be approximately 29,634 tonnes. But the numbers vary greatly as a percentage [...]

Russian Forex and Gold reserves hit multi-month highs

Official data shows the reserves rose by $7.2bn in the week to October 7th. Read more….

Juicy Details on the US Gold Reserves

The Daily Reckoning With the spot price of gold hovering around another all-time record high today, at $1,068 an ounce, one starts to wonder if the US gold reserves could in fact help provide for the nation as its financial reckoning day gets underway. It’s doubtful but, without knowing exactly where gold is headed, it’s impossible [...]

Gold Well Supported in Mid to High $900/oz Region

Mark O’Byrne submits: Gold Gold is currently trading at $1,001.80/oz and has bounced from a low of $991/oz and continues to follow currency movements. This week is the first week of the new Central Banks’ Gold Agreement, which caps gold sales from official reserves. The third CBGA pact, which will run until September 2014, will [...]

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