Gold

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

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

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

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"

The only time id consider going long on gold is once it has a 123 low formation .
Its been in a sideways market since September 2011. Its been in a down trend since October 2012
The 123 low currently will be at 1590. So above this in the next few days would be bullish.
Until then there is risk of gold going lower to test the important level at 1522. Id go long there for a first attempt trade only and this means short term trading.


with regards to cyprus, How much gold have they got???? They are a very small country so i would not expect them to have a big impact. I could be wrong
Im not a fundamental person so it would be interesting view from someone who is.

GS the contrarian indicator ?