Dutch Central Bank Sale Announcement Imminent? Message Board

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Politics : Dutch Central Bank Sale Announcement Imminent?

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To: sea_urchin who wrote (21162)	6/12/2004 10:58:36 AM
From: philv	Read Replies (1) of 81643

I don't know if this was posted before. Now France wants to sell 500 tons of gold, part of a plan to sell assets to pay off debt etc. Gold is considered as unnecessary I guess, and this from a country whose action of demanding payment in gold, cause Nixon to close that window. All nations are selling, and in Europe, the Bundesbank has exactly the same proposal...500 tons. Schroeder needs money to pass around and make brownie points for the up coming election. Here's the French & German links. signonsandiego.com quote.bloomberg.com Btw. 120 tons of gold for Chinese reserves (15%) seems inordinately low, considering their enormous growing reserves, but I haven't done the math. Even for the Europeans, especially the French & Germans who were once staunch supporters of some gold at least, one has to conclude that they have taken the view that gold is simply a very limited hedge against a catastrophic event, and that the real game is in the paper money printing. It is a lot cheaper to print a billion dollars, than to go out and mine a billion dollars worth of gold. If you were a printer, (like all C.Bs.), which would you do?

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