Tuesday, December 2, 2014

RBA - 1996 - MEETING THE BANK'S HOLDINGS OF GOLD

CONFIDENTIAL 

MEMORANDUM FOR THE BOARD 
DECEMBER 1996 MEETING 
THE BANK'S HOLDINGS OF GOLD 

"How much gold should be sold is a matter ofjudgment. It is 
possible to mount a case for selling it all, but short of this 
there is scope to sell about half the gold and still have 
reasonable holdings by world standards. As noted, 
Australia's gold holdings in terms of GDP are towards 
the top end of the range for countries outside Europe. 
If anything, Australia, as a large gold producer, 
should be at the bottom of this range - ie, as a nation, 
we have very large reserves of gold in the ground 
and the question arises as to why we would want 
to hold much in central bank vaults..."


Financial Markets Group! Business Services Group 
27 November 1996

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