did the reserve bank make a poor decision?

  1. 9,081 Posts.
    I think it did - big time; but so did a lot of other world banks.

    "Date: 3 July 1997
    Embargo: For Immediate Release

    Over the past six months, the Reserve Bank (of Australia) has sold 167 tonnes of gold, reducing its holdings from 247 tonnes to 80 tonnes. The sales were made gradually, taking care not to disrupt market conditions. The new level is consistent with Australia's longer-term requirements, and the Bank has no plans for further sales."

    Like the Bank of England, the Reserve Bank may come to heavily reget its decision to deplete its gold reserves so dramatically.

    When the "buy back" begins - watch out!

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