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Gold and the BIS

Source: Financial Times, 7th July 2010

What to make of the news that the central banks' central bank is sitting on 346 tonnes of gold? It is held via gold swaps between the Bank for International Settlements and European commercial banks that have collateralised loans with ingots. Such operations had been rare in recent years but took off in earnest just as the Greek sovereign debt crisis erupted - so the news, contained in a note to the BIS's annual report, unleashed numerous conspiracy theories.



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