Austria had lent its gold reserves

Brazil added to its reserves 17.2 tons of gold and holds now 52.5 tons of yellow metal. The similar story is about Kazakhstan and Russia which also add to their holdings some gold. The opposite is true about the German Bundesbank which sold 4.2 tons. The BUBA spokeswoman did not comment sale just added that the BUBA reserves 7 tons a year to sell to the Finance Ministry for minting.

Austrian gold reserves are unchanged since 2007 and are 280 tons. According to the memo from Austrian parliament Austria hold 80% of its gold in UK, 3 % in Switzerland and 17 % of gold reserves are held in home country. But what is most interesting? According to vice governor Duchatczek the OeNB earned € 300 million through gold leasing transactions in the past decade. If the OeNB did this operation it is very probable that other central banks did the same.

As we informed you last week billionaires Soros and Paulson increased their gold holdings in the SPDR Gold Trust. Both of them accumulate the highest combined bullion holdings ever. But what is more interesting to know that Paulson holds now approximately 66 tons of yellow metal what is more that the amount of holdings of Brazil, Bulgaria or Bolivia. They probably see gold as a hedge against bizarre policies of politicians across the globe.

Philippine gold market is quite strange. 95 % of the market is controlled by smugglers, according to Bangko Sentral ng Pilipinas. The Philippine marked was controlled by central bank which has the only power to buy gold from miners. It is not possible today. Almost all production is sold to smugglers. It is very possible that it is a reaction of people to the policy which imposed 7% sales tax on all gold sales.

There is not only demand in Asia for gold but for silver as well. Due to this fact it prompted Chinese Gold and Silver Exchange Society to launch a spot silver trading service in the first half of the next year in Hong Kong. The silver contract will be traded in 10 kg contracts and minimal delivery will be 30 kg. It is expected that the daily trading will be between 2 and 3 million ounces per day in the first six month after the launch of the service. The price prediction is $40 at the beginning of the 2013.

Government in India is going to issue bonds backed by gold. The Indian government still tries to discourage holding of physical metal because it considers it as speculative activity but to be more realistic it makes more problems to government with payment balance than to general public. But the people think opposite. They buy gold to protect themselves against inflation tendencies in the country.

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Matúš Pošvanc

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Trhu so zlatom a striebrom sa venujem od roku 2011. Prešiel som rôznymi fázami a pohľadmi na problematiku. "Trh je manipulovaný. To je jasné!" Inak by cena zlata predsa nešla dole. "Zlato na úrovni 100 tis. USD? Žiaden problém." Najneskôr do pár rokov. "Futures trh je najväčšie zlo a tzv. papierové zlato je nutné zakázať". Nuž, po dlhom štúdiu tejto problematiky, som hlúposti a táraniny opustil. Ostalo to, čo považujem za podstatné. Význam zlata je veľký. Avšak bez pochopenia trhu okolo neho, sa sám od seba znovu neobjaví. Kúpiť zlato ako časť svojho portfólia má zmysel. Snažiť sa na zlate zbohatnúť? To je iný príbeh. Jednu jeho časť nájdete na mojom blogu.
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