Remember this from August last year, SaturnV? Maybe citizens will have the good sense to buy gold instead, given their CB is turning savings into confetti paper. Competitive currency devaluation = good for gold, YES.
02:20 27Aug08 -SWEDISH C.BANK SAYS TO SELL UP TO 15 TONNES OF GOLD
02:23 27Aug08 -SWEDISH C.BANK SAYS GOLD SALES WILL TAKE PLACE BETWEEN SEPT 27, 2008 AND SEPT 26, 2009
02:36 27Aug08 -Sweden's Riksbank to sell up to 15 tonnes gold
STOCKHOLM, Aug 26 (Reuters) - Sweden's central bank said on Tuesday it would sell up to 15 tonnes of gold over the 12 months to Sept 26, 2009 and use the proceeds to boost its foreign currency reserves.
The Riksbank said it is reducing the amount gold it holds to obtain a better risk-adjusted return on its assets.
The sale is part of an agreement between 15 European central banks which came in to force in 2004 and enables the Riksbank to sell up to 60 tonnes of gold over five years.
The central bank has sold 45 tonnes of gold in the first four years of the agreement.
The Riksbank said its gold reserve totals 142 tonnes.
