Gold

Here's the article I read:

www.bbc.co.uk/news/business-22106187

"Cyprus's total bullion reserves stood at 13.9 tonnes at the end of February, according to data from the World Gold Council.

At current prices, 400m euros' worth of gold amounts to about 10.36 tonnes of metal.

The sale will be the biggest bullion sale by a eurozone central bank since France sold 17.4 tonnes in the first half of 2009.

European finance ministers meet in Dublin on Friday to discuss the Cyprus bailout.

Analysts say it is very unlikely that other European Union states will become big sellers of the precious metal.

Portugal holds 382.5 tonnes of gold, worth some 14.76bn euros at current prices, in its reserves, while Spain's holdings stand at 281.6 tonnes, worth 10.8bn euros.

Italy is the world's fourth-largest gold holder, with 2,451.8 tonnes, worth 94.6bn euros"

Thanks for that Ann
Its very interesting that.
Why dont they all just sell there gold to get out of this mess they are all in????
Cyprus dont have enough
but the others sure do .Well would help in a big way to clear there depts.
Does anyone know how much UK has got in reserves now after old brown sold most of it when gold was very low.Biggest mistake any party ever made...lol

I thought the same! If they sold some of their gold to reduce their debt and vulnerability surely that would make for a better solution all round? Simplistic, I know, but tbh I hadn't even realised that these countries were holding so much gold = cash. It makes me wonder why ECB/IMF have not made the sale a condition of any bailout.....just my thoughts at the moment - and it's started to rain - again

Wikipedia has us ranked 18th with 310.3 tonnes as of December 2012

USA miles ahead of anyone with 8,133.5 tonnes

remo wrote: Thanks for that Ann
Its very interesting that.
Why dont they all just sell there gold to get out of this mess they are all in????
Cyprus dont have enough
but the others sure do .Well would help in a big way to clear there depts.
Does anyone know how much UK has got in reserves now after old brown sold most of it when gold was very low.Biggest mistake any party ever made...lol

waaa ...Thats a lot of gold for the USA. i wonder where they got all that gold from
as for UK .They should just sell all the gold and pay of our depts rather than hord it.What good is it if you dont use it in times of trouble. All the politicians are useless.
I wonder what would happen if everyone sold there gold??? Gold would drop like a stone id suspect.
Im surprised that no ones mentioned this to the exchequer ???

1 Pez 1 wrote: Wikipedia has us ranked 18th with 310.3 tonnes as of December 2012

USA miles ahead of anyone with 8,133.5 tonnes

remo wrote: Thanks for that Ann
Its very interesting that.
Why dont they all just sell there gold to get out of this mess they are all in????
Cyprus dont have enough
but the others sure do .Well would help in a big way to clear there depts.
Does anyone know how much UK has got in reserves now after old brown sold most of it when gold was very low.Biggest mistake any party ever made...lol

This is really on the move today.