Last Updated : 24 November 2011 at 14:05 IST
German central bank sells 150,000 ounces of gold to Govt
The Bundesbank, Germany’s central bank, has sold around 150,000 ounces of gold, according to data from the International Monetary fund. Following the sale, the German gold reserves now stand at approximately 109.194 million ounces in October.
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BERLIN (Commodity Online): The Bundesbank, Germany’s central bank, has sold around 150,000 ounces of gold, according to data from the International Monetary fund. Following the sale, the German gold reserves now stand at approximately 109.194 million ounces in October.
Germany is the second largest gold holder with 71% of its foreign reserves in gold. A Bundesbank spokesman stated that the gold has been sold to the Ministry of Finance only to mint commemorative coins. The last time Germany had sold gold was in December 2010, for the same purpose, IMF report said.
Recent media reports had stated that the European leaders may use their gold reserves to bolster the European Financial Stability Fund (EFSF), an action which vehemently denied by German government spokesman "Germany's gold and foreign exchange reserves, administered by the Bundesbank, were not at any point up for discussion at the G20 summit in Cannes”
Economy Minister Philpp Rosler had also stated that the German gold reserves must remain off-limits.
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