Poland Raises Gold Holdings to Record High in September – IMF
-- Published: Tuesday, 16 October 2018 | Print | Disqus
(Reuters) – Poland raised its gold holdings to the highest in at least 35 years, data from the International Monetary Fund showed on Monday.
The country increased its holdings by 4.4 tonnes from August to about 117 tonnes in September, a record, according to data going back to January 1983.
“We have a really exciting announcement coming this Thursday, learn more about it here…”
“While the exchange-traded funds (ETFs) were losing tonnage, the central banks were buying since they had to maintain domestic currency values against a rising dollar,” said George Gero, managing director at RBC Wealth Management.
“I think you will see that continuing. Central banks are trying to maintain some hold on their currencies by storing gold.”
Holdings of SPDR Gold, the largest gold-backed ETF, have registered declines of more than 4 million ounces since hitting a peak in late April as investors have preferred the safety of the U.S. dollar against a backdrop of rising interest rates and as a U.S.-China trade tussle unfolds.
The trade dispute and rising dollar have in turn weighed on emerging markets, with the Polish zloty declining more than 6 percent this year.
The content on this site is protected
by U.S. and international copyright laws and is the property of GoldSeek.com
and/or the providers of the content under license. By "content" we mean any
information, mode of expression, or other materials and services found on GoldSeek.com.
This includes editorials, news, our writings, graphics, and any and all other
features found on the site. Please contact
us for any further information.
Live GoldSeek Visitor Map | Disclaimer
The views contained here may not represent the views of GoldSeek.com, Gold Seek LLC, its affiliates or advertisers. GoldSeek.com, Gold Seek LLC makes no representation, warranty or guarantee as to the accuracy
or completeness of the information (including news, editorials, prices, statistics,
analyses and the like) provided through its service. Any copying, reproduction
and/or redistribution of any of the documents, data, content or materials contained
on or within this website, without the express written consent of GoldSeek.com, Gold Seek LLC,
is strictly prohibited. In no event shall GoldSeek.com, Gold Seek LLC or its affiliates be
liable to any person for any decision made or action taken in reliance upon
the information provided herein.