Central Banks Swap Tons of Gold for Cash
Posted on July 11th, 2010 in Bank for International Settlements, BIS, central banks, gold, GOLD PRICES, India Shares, inthenews
Filed under: Industry, Market Matters, Commodities
In a footnote in a 216-page report released last week, the Bank for International Settlements (BIS) disclosed that since December, it has taken in 349 metric tons of gold from central banks, which swapped it for $14 billion in cash.
Why is this important? First off, the BIS is the central bankers' bank. We can gather from this that central banks needed cash to pay their bills. So they pawned their gold.
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Central Banks Swap Tons of Gold for Cash originally appeared on BloggingStocks on Sun, 11 Jul 2010 14:10:00 EST. Please see our terms for use of feeds.
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