Gold Holdings of Eurozone Rise to 10,792 Tonnes – ECB’s “Reserve of Safety” Accumulated
By: GoldCore
GoldSeek.com
Tuesday, 24 February 2015
The Euro zone raised its gold holdings by 7.437 tonnes to 10,791.885 tonnes in January, International Monetary Fund data released overnight showed.
The rise in gold holdings was small in tonnage terms and in percentage terms – especially when viewed in the light of the recently launched ECB’s EUR 1 trillion QE monetary experiment.
Nevertheless, the rise in Euro-area gold holdings shows how the ECB continue to view gold as an important monetary asset. Mario Draghi said of gold in October 2013 that gold is a “reserve of safety” that “gives you a value-protection against fluctuations against the dollar.”
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