Just read the above thread and about Australia's gold. Unfortunately Aus. Treasury/RBA have a narrow view on gold. In 1997 the RBA had 247 tonnes on their balance sheet. Early that year with gold at nearly US$400/oz they sold 167t to buy bonds. Whilst many countries are currently buying extra gold The RBA's reserves is maintained at 80t.
BTW, a bit of history for you youngens (yes I'm a BB), Australia sold their gold early in 1997 (Feb?) at above price. It drifted only marginally lower, then in July(?), they disclosed their sale. Gold price fell to about $350/ oz over the next few days. Remember it well, my portfolio sunk (stunk). But at least the RBA sold first then declared the sale. A little while later The Bank of England stated they were going to sell half of their gold (400T?) at 25t every six weeks. That really pushed the price down. And everyone eager to get this cheap gold ensured that the price stayed low. Drifted down to about $256/oz around the end of the millennium. It became known as Brown's bottom after the English Exchequer at that time. (Gordon Brown)
Just read the above thread and about Australia's gold....
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