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22.08.04 21:01

525 Postings, 7207 Tage FlorianPascaleA major oil line getting partially destroyed could

Argentina ensures gold hits record
By Edmund Conway (Filed: 20/08/2004)


Gold prices hit a four-month high yesterday, after it emerged that Argentina bought 42 tonnes of bullion in the first half of the year in an effort to repair its shattered economy.



The precious metal rose $4.50 to $407 an ounce for the first time since prices dropped in mid-April. It was lifted higher by the weaker dollar, which fell almost a cent against the pound, leaving sterling worth $1.8323.

A report from the World Gold Council (WGC) - the organisation that promotes the metal - revealed that Argentina bought a significant amount of gold between January and June in order to lock its wealth into stable investments rather than bonds or equities.

Analysts said other countries may start buying gold again, reversing the worldwide central bank sell-off of the past decade. Almost all western countries have been selling their reserves in exchange for investments with a higher yield.

In Britain, the Treasury earlier this year ruled itself out of selling any more of its gold reserves for the foreseeable future, having sold off half of its store between 1999 and 2001.

Chancellor Gordon Brown sold 395 tonnes at an average price of $275 an ounce, making about £2.3 billion. Economists calculate that he would have made almost £3 billion had he waited until today.

Since Mr Brown's decision, taken at a time when gold was out of favour with investors, the metal has enjoyed a renaissance, with analysts praising its uses as a store of wealth and a hedge against inflation.

The WGC said yesterday that the central bank sell-off slowed in the second quarter, although Switzerland sold 68 tonnes and Portugal 35 tonnes.

It said that consumer demand for the precious metal had risen during the year, although investor enthusiasm had dipped as prices appeared to level off.

James E Burton, chief executive of the WGC, said: "It is important that we are not complacent. The rise in demand for jewellery and retail investment in key markets has been aided by strong economic growth and relative absence of price volatility, but gold's battle for share of wallets remains."  

22.08.04 21:03

525 Postings, 7207 Tage FlorianPascaleThe Argentine central bank

The Argentine central bank
International Reserves (Gold stock in usd):
- 01/07/04 : 3.902.000 (0.03 % of the internat.Reserves)
- 08/07/04 : 708.424.000 ( a nice 4% " )

(The president of the ACB is an ex Jp Morgan who specializes in currencies)  

22.08.04 21:07

525 Postings, 7207 Tage FlorianPascaleThe Argentinian Central Bank

For the first time in almost 10 years, the Argentinian Central Bank increased its stock of gold reserves from 0,3 tonnes in December 2003 to 42,6 tonnes in June 04. In order to diversified the risk, the ACB invested in gold , euros, yens and british pounds, reducing the usd in the total reserves.

The bet on gold of Alfonso Prat Gay (President of the ACB) was strong and had reperscusion in the world metal market..

The planning sales of gold on the agreement of the Cbanks were partially compensated by the purchase made by Argentina. With his operations, Argentina passed from Rank n 106 to N 42 in the global raking of gold holdings. In the region, Venezuela has 357,1 tonnes (19.3% of reserves ); Brazil 13,1 tonnes and Chile 0,2 Tonnes

In spanish:
http://www.puentenet.com/noticias/n...20&newsletter=1  

22.08.04 21:10

525 Postings, 7207 Tage FlorianPascaleThe Argentinian Central Bank

ACB Bilanz,
(Gold in US-$):
-01/07/04 : 3.902.000
-06/30/04 : 540.597.526 here there are 42.6 tonnes (3% of Res)
-08/07/07 : 708.424.000 the ACb purchased 13.2 tonnes more.

168.000.000 = aprox 13.2 tonnes

Die ACb fügte im Monat Juli 13,2 t an Gold hinzu und erreichte insgesamt 55.8t, dieses ist jetzt noch nicht in den News!  

22.08.04 21:48

34698 Postings, 8611 Tage DarkKnightCool. Da pinkelt einer von unten

nach oben.

Mal sehen, wie lange die Amis sich das gefallen lassen. War nicht Argentinien Schurkenstaat Nr. 11?

Egal, drive-by-shooting gibts auch.  

22.08.04 21:52

34698 Postings, 8611 Tage DarkKnightWas ich eigentlich sagen wollte:

der Mann ist jetzt schon tot.  

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