Last Updated : 25 October 2012 at 22:40 IST
Standout central bank Gold action includes Venezuelan sales, Brazil buys: UBS
Source :Commodity Online
Since the much publicized action of bringing its gold home, Venezuela has been a net seller of gold, with a previous 119,000-ounce sale in July and a chunkier offloading in December.
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NEW YORK (Commodity Online): Some of standout activity in the IMF central bank gold data for August and September include Venezuela selling 120,000 and Brazil buying 56,000 ounces, said Edel Tully, precious metals strategist at UBS.
She continued that, “since the much publicized action of bringing its gold home, Venezuela has been a net seller of gold, with a previous 119,000-ounce sale in July and a chunkier offloading in December.”
“We have to assume that, given their precedence over recent months, the country will continue with this policy, albeit irregularly. After August's sale, Venezuela now has 11.52 million ounces (of) reserves remaining,” she noted.
Regarding Brazil, this purchase is the first since the first quarter of 1999 and should be deemed as a positive for the gold market, Tully concluded.
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