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