Why cant we use our GOLD after all it is an emergency or so Hockey keeps telling us.
Er...Because Peter Costello sold it
The RBA revealed in July 1997 that over a six-month period, it had sold 167 tonnes, reducing Australia's reserves to just 80 tonnes. At this time, the value of its gold assets fell from $3.6bn to about $1.1bn.
The RBA's sales pushed the world gold price down to an 11-year low, returning just $2.4bn for the gold that was sold via a single broker engaged without a tender.
The same amount of gold would be worth about $7.4bn today.
The decision to sell the reserves was approved by then RBA governor Ian Macfarlane and then treasurer Peter Costello.
READ MORE HERE-> http://www.theaustralian.com.au/news/nation/reserve-banks-gold-sale-cost-us-5bn/story-e6frg6nf-1225985231872
Why cant we use our GOLD after all it is an emergency or so...
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