Central Banks to hold rather than sell gold

New Guinea Gold is the next big gold producer

New Gold Producer in Papua New Guinea with approx 1 million ozs in gold equivilant resources, and targets exceeding 5 millions ozs

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Scruffy

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Central Banks to hold rather than sell gold

posted on Feb 03, 2009 05:24AM

So it's not rash speculation to suggest that central banks will prefer to hold on to their gold this year – rather like the increasing (if small) number of private individuals – instead of selling it. As competitive currency devaluations sweep the globe in an all-out effort to fight asset deflation and recession, we think gold will become much more desirable as a reserve asset worth owning, not selling for cash.