Monday, January 14, 2013

Behind Bars

I've noted Ireland's contrarian policy before when it comes to gold. Our Central Bank apparently doesn't believe in holding on to the 'barbarous relic' in any great quantities at all at all.

According to the latest World Gold Council report on official reserves of gold, Ireland has 6 tonnes of gold in reserve, equivalent to 19.3% of all foreign reserves. That compares to 73.5% in Germany, 72.8% in Italy and 71.2% in France. The eurozone average, by the way, is 64.2%. Funnily enough, we're closer to the UK reserves ratio - they're at 16.2%.

And that's where it gets interesting: because apparently our reserves are 'stored' alongside their reserves. Or maybe not. According to Goldcore, the Central Bank of Ireland won't say where its our gold is stored, nor whether they've been loaned or leased out into the market.

Maybe we should send one of our public interest directors to have a snoop around the Bank of England on our behalf?

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