Portfolios transmuted

After years of net gold selling, the world's central banks appear to be changing tack. The perceived role of gold in reserve management is changing, as are attitudes to derivatives


Early last month, the European Central Bank (ECB) released its financial statement detailing the gold trading activity of the signatories of the Central Bank Gold Agreement (CBGA). The October 4 release, which covered trading during the final week of September, had been eagerly anticipated. In September, the final month of the second year of the five-year CBGA (an agreement between European central banks to limit their aggregate annual gold sales), rumours swept gold dealers' trading floors that

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