Another rich country insisting on being poor helps those central banks that are trying to keep the gold price down...
Another rich country insisting on being poor helps those central banks that are trying to keep the gold price down.
* * *
By Oscar Medina
Colombia sold two-thirds of its gold reserves in a single month just as investors seeking havens against global turmoil were about to drive the metal to a record high.
The nation sold 1.8 trillion pesos ($475 million) of its bullion in June, the central bank reported on its website, equivalent to 67% of its holdings at the end of May.
Investors have piled into precious metals this year as yields on other haven assets such as treasuries sank to record lows. The rally even drew in Warren Buffett, a noted gold skeptic, whose Berkshire Hathaway Inc. added miner Barrick GoldCorp. to its portfolio last quarter.
Colombian gold once attracted Spanish conquistadors who believed the country to be home to El Dorado, a place of fabulous wealth. But the nation’s central bank doesn’t share the general enthusiasm for the metal.
Gold now accounts for about 0.4% of Colombia’s international reserves, compared to about 77% of Venezuela’s, 42% of Bolivia’s, 9% of Argentina’s, 4% of Mexico’s, 3% of Peru’s, and 1% of Brazil’s. …
… For the remainder of the report:
Toast to a free gold market
with great GATA-label wine
Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA’s recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.
Here’s what the bottles look like:
Buyers can compose their case by choosing as many as four varietals from the list here:
GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?
To order a case of GATA-label wine, please e-mail Fay J Winery at [email protected].
* * *
Support GATA by purchasing
Stuart Englert’s “Rigged”
“Rigged” is a concise explanation of government’s currency market rigging policy and extensively credits GATA’s work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon —
— or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at [email protected].
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit: