It takes a lot to spook the solid old gold market. But when it emerged last week that one or more banks had lent 380 tonnes of gold to the Bank of International Settlements in return for foreign currencies, there was widespread surprise and confusion.
The news that a mystery bank has just pawned the family jewels gave traders a jolt – nervous about the sudden transfer of almost 20pc of the world’s annual gold production and the possibility of a sell-off.
In a tiny footnote in its annual report, the bank disclosed its unusually large holding of gold, compared with nothing the year before. The disclosure was a large factor in the correction of the gold price this week, which fell below $1,200 for the first time in more than a month.
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1999 $5 Dollar 1/10oz Gold American Eagle (MS 70) PCGS US $247.50 (23 Bids) Auction Ends: Monday Sep-06-2010 17:30:20 PDT | Watch this Item |
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US Coin 1888 Gold Double Eagle Mint Error PCGS MS61 US $2,015.00 (0 Bid) Auction Ends: Monday Sep-06-2010 17:33:51 PDT | Watch this Item |
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1997 $5 Dollar 1/10oz Gold American Eagle (MS 69) PCGS US $143.50 (7 Bids) Auction Ends: Monday Sep-06-2010 17:45:03 PDT | Watch this Item |
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1924 $20 GOLD double eagle Saint Gaudens PCGS MS62 US $1,745.00 (0 Bid) Auction Ends: Monday Sep-06-2010 17:47:37 PDT | Watch this Item |
GoldFinger. Member Since 2008. Gold Coin collector, investor and Blogger 
