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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: orkrious who wrote (6299)	5/13/2004 1:43:37 PM
From: mishedlo	Read Replies (2) of 116555

Portuguese central bank sells 35 tonnes of gold Thursday, May 13, 2004 6:06:04 PM LISBON (AFX) - The Bank of Portugal said it has sold 35 tonnes of gold from its reserves over the last few months It said the sales were aimed at diversifying the country's external reserves, with the proceeds held in a special account at the bank The bank sold 45 tonnes of gold in March and April 2003, 30 tonnes in February that year and 15 tonnes at the end of 2002 In December 2002 Portugal held 600 tonnes of gold, representing 47 pct of central bank reserves The sales have been carried out under terms of an accord signed in September 1999 by the European Central Bank and 14 other national banks. It expires later this year The agreement stipulates that annual gold sales cannot exceed 400 tonnes and limits the total amount sold to 2,000 tonnes fxstreet.com

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