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Gold/Mining/Energy : Bema(Bgo) and Arizona Star
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To: Feline who wrote (8670)12/12/1997 3:26:00 PM
From: Picanoc  Read Replies (3) of 10482
 
> According to it the
>USA has not sold any gold since 1979 when it sold 11.8 million >ounces. The other
> main sellers since 1974 have been The IMF, Canada, The >Netherlands and
> Belgium. Since June of 97 Austrailia and Argentina have sold, >which have been
> reported. Other small nations have also sold some but this >amounts to only 12% of
> total sales since 1974. Total sales prior to June 97 have >amounted to 71.3 million
> ounces. This is a very small fraction of the CB reserves (1107 >million ounces). It's
> the lending that counts, not the selling. If it is such a relic >why hasn't the USA sold it
> all?

The quick and dirty answer is that the Fed has the least interest in shuffling its portfolio away from gold and into US$ to account for foreign exchange risk, for the obvious reason that it doesn't itself bear that risk.

Ian
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