Austrian CB Will Sell Next to No Gold Until 2014

Monday, August 17, 2009

Austria's central bank OeNB will only sell minuscule amounts of gold in the next 5 years. OeNB executive Peter Zoellner said in an interview with Austrian Press Agency APA that Austria has no plans to sell any significant amount. Austria is a member of the 18-strong CBGSA. According to the OeNB executive Austria owns a hoard of 280 tonnes that is stored in Austria, Switzerland and the UK for easy market access.
A report in Boersenexpress says that Austria may have sold 37.5 million troy ounces in the frame of the last CBGSA. It is believed that Austria has not sold any gold since 2007, following a very conservative but nevertheless profitable investment strategy this way. Zoellner had always emphasized that gold plays a very important role in monetary policy.
Having blogged about Austria's silver shortage to the tune of €1.2 bilion the central bank is also a gold lender. OeNB did not indicate the size of gold leasing with Zoellner only saying that it regarded only very small sums which are underlaid with secured collateral.


Wikinvest Wire