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Gold/Mining/Energy : Gold Price Monitor
GDXJ 105.33+5.2%Nov 26 4:00 PM EST
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To: long-gone who wrote (26123)1/13/1999 7:04:00 PM
From: Don Green  Read Replies (1) of 116773
 
According to the World Gold Council, Brazil's central bank holds
149 tons of gold, which represents only 3.3% of its total
reserves. Gold prices could be affected if the bank decided to
sell some of its holdings to beef up its foreign currency
holdings, but analysts say this isn't likely to happen. "The
problem for Brazil is that they have such a huge level of
borrowing and most of its gold may already be tied up as a
collateral," said Charles Kernot, analyst with Banque Paribas.
(WSJ)
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