Banks swap gold - Caused by Central banks?

BusinessCommodities ♦ Published: July 8, 2010; 00:00 ♦ (Vindobona)

European banks have tons of bunkers gold at the "Super Fed" BIS (Bank for International Settlement). But they could have acted only as intermediary.

Banks swap gold - Caused by Central banks? / Picture: ©

Southern central banks are suspected behind these deals.

European banks have stashed away 346 tonnes of gold at the BIS, the "central bank of central banks," reports the Financial Times Germany (FTD). In exchange they received $13b, to increase their liquid assets. This was documented in the most recent annual report of the BIS in a footnote.

Swap transactions and price…

Fast News Search
Read More