by Chris Powell of the Gold Anti-Trust Action Committee (GATA)
Another rich country insisting on being poor helps those central banks that are trying to keep the gold price down.
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By Oscar Medina
Colombia sold two-thirds of its gold reserves in a single month just as investors seeking havens against global turmoil were about to drive the metal to a record high.
The nation sold 1.8 trillion pesos ($475 million) of its bullion in June, the central bank reported on its website, equivalent to 67% of its holdings at the end of May.
Investors have piled into precious metals this year as yields on other haven assets such as treasuries sank to record lows. The rally even drew in Warren Buffett, a noted gold skeptic, whose Berkshire Hathaway Inc. added miner Barrick GoldCorp. to its portfolio last quarter.
Colombian gold once attracted Spanish conquistadors who believed the country to be home to El Dorado, a place of fabulous wealth. But the nation’s central bank doesn’t share the general enthusiasm for the metal.
Gold now accounts for about 0.4% of Colombia’s international reserves, compared to about 77% of Venezuela’s, 42% of Bolivia’s, 9% of Argentina’s, 4% of Mexico’s, 3% of Peru’s, and 1% of Brazil’s. …
… For the remainder of the report:
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