Showing posts with label key. Show all posts
Showing posts with label key. Show all posts

Thursday, October 3, 2013

Banca d'Italia says gold reserves key to cenbank independence

Wow, a central banker dispensing some truth serum while still in office.

http://www.reuters.com/article/2013/09/30/lbma-central-banks-idUSL6N0HQ16A20130930

In a keynote address to the London Bullion Market Association's annual conference, Salvatore Rossi, director general of the Italian central bank, told delegates that gold plays a special role in central banks' official reserves.

"Not only does it have the vital characteristic of allowing diversification, in particular when financial markets are highly integrated, in addition it is unique among assets in that it is not issued by any government or central bank, so its value cannot be influenced by political decisions or by the solvency of any institution," he said.

"These features, coupled with historic ... and psychological reasons, stand in favour of gold's importance as a component of central bank reserves," he said. "Gold underpins the independence of central banks in their ability to (act) as the ultimate bearer of domestic financial stability." 

Sunday, July 14, 2013

Granny’s Gold Bars Are Key to Vietnam Push to Boost Dong

So the governments of India and Vietnam are trying to discourage their citizens from hoarding gold.  These citizens are only protecting themselves from corrupt central bank monetary policies.  It sounds familiar to the Fed and it's anti-gold campaign.

Meanwhile, black markets and smuggling have increased in India and Vietnam, because the smart money knows when official government policies try to dissuade its citizens from any asset, that asset will become more scarce and more valuable.  In other words, the governments' plan to ban gold imports will only backfire, as demand increases.

http://www.bloomberg.com/news/2013-07-14/granny-s-gold-bars-are-key-to-vietnam-push-to-boost-dong.html