Gold
Venezuela’s Chavez orders diversification of reserves
Hugo Chavez has asked the central bank to repatriate gold reserves and diversify holdings amid “global crisis of capitalism”; controversial president also plotting to nationalise gold industry
RBI paper says gold is misclassified in capital formation
A Reserve Bank of India study says valuables such as gold are misclassified in the gross capital formation as store value
South Korea follows through on gold purchase plans
South Korea buys $1.24 billion worth of gold; governor said in October 2010 that central bank was considering expanding gold holding
China ups gold coin production
People’s Bank of China more than doubles issuance of gold panda coins for 2011; demand outstripping minting
Gold holdings 'useless': CentralBanking.com panellist
Gold holdings are “useless” and a “remnant from the past”, according to Michael Hart, head of FX strategy at Roubini Global Economics
Slovakia falls €515 million into the red
National Bank of Slovakia Annual Report shows a €515 million loss for 2010 due to large write-downs on securities and derivatives
Mexico buys 93 tonnes of gold
Bank of Mexico raises gold holdings by more than 93 tonnes in March; follows trend of other emerging market central banks
Central banks continue to purchase gold
World Gold Council releases first Gold Investment Digest of 2011; shows central banks are still net buyers of gold in Q1
Central bank reserve managers recoil at sovereign risk
Central Banking Publications survey finds fears over sovereign risk led reserve managers to limit or cut exposure to “peripheral” European countries; impact also felt in attitudes towards the euro
Gold to hit $1,600 this year; GFMS survey
New survey by GFMS predicts price of gold could hit $1,600 per ounce by the end of 2011; survey captures swing to net purchases by central banks
Shift in central banks' attitude key driver of gold sentiment
World Gold Council's Natalie Dempster says central banks' renewed fondness for bullion was biggest driver of market trends in 2010
Central banks’ gold purchases continue; 20-year selling trend bucked
Official sector continued to be net buyers of bullion in three months to January; figures confirm that central banks were net buyers for first time in 20 years in 2010
SNB confirms large loss on back of franc gains
Swiss National Bank reports $20.7 billion loss; figure slightly lower than that forecast in January
ECB reports €171 million profit
European Central Bank experiences sharp fall in profits for 2010 due to €1.16 billion transfer of income to risk provision fund
Hanoi to ban trade of gold bars
State Bank of Vietnam says government will issue ruling barring the trade of gold bars; move will follow 2008 ban on gold imports
The value of active management for central banks
Central bank portfolio managers should not avoid risk but rather have a disciplined approach to managing it, Elisa Vilorio believes
Central banks break 20-year streak with net gold purchase in 2010
World Gold Council's Fourth Quarter Investment Digest says central bank purchases of gold slightly outweighed sales for first time in 20 years on growing demand for the precious metal
World Bank economist has replaced Tunisian governor: central bank source
World Bank’s Mustapha Kamel Nabli said to have succeeded Taoufik Baccar as head of Tunisian central bank; move comes amid allegations President Ali’s wife seized gold from central bank coffers
Estonia joins third central bank gold agreement
Bank of Estonia signs agreement limiting central bank gold sales to 400 tonnes a year up to August 2014; follows country’s entry to the eurozone
SNB expects $21.7 billion loss for 2010
Swiss National Bank says loss relates to foreign currency positions; says loss highlights need for independent central banks to have capital cushion
Gold could hit $1,600 in 2011, say analysts
Commentators say investor appetite for the precious metal will continue to soar as concerns over US economy, eurozone sovereign debt issues, persist
Fed’s Hoenig labels gold standard “very legitimate” monetary system: reports
Kansas City Fed president quoted as stressing price stability benefits, but notes return to gold would not prevent high unemployment or bank failures
Fund completes gold sales
IMF completes sale of 403 tonnes of gold, drawing 15 month process to an end; ease of effort linked to central banks' demand for the metal
SNB records $8.7 billion loss on Swiss franc gains
Swiss National Bank reports loss of Sfr8.46 billion for first three quarters of the year after Swiss franc appreciated against major currencies