central banks my best friend now..........just the thing to start a gold crash......
Futures and Commodity Market NewsDJ Germany Urges Spain, Italy To Sell Gold To Cut Debt -Report
Aug 09, 2011 (Dow Jones Commodities News Select via Comtex) --
DOW JONES NEWSWIRES
Germany is urging Spain and Italy to use their gold reserves to cut down their debt levels, as the precious metal is trading at historic highs in recent sessions, reports El Mundo in its Wednesday Internet edition, citing remarks by officials of Germany's two ruling parties, CDU and FDP.
However, Spain's Finance Minister, Elena Salgado, said that wouldn't make much of a difference as the country's goldreserves amount only to some EUR11.3 billion, as Spain sold nearly 50% of its gold reserves between 2005 and 2007, the paper adds.
Italy, however, is a different story, as it's the world's fourth largest holder of gold, with reserves totaling 2.45 tons, nine times more than Spain, according to El Mundo. |
