Nov 24, 2011

Germany reduced its gold reserves

Germany has lowered its gold reserves for the first time in almost a year, selling 150,000 troy ounces in October while central banks of developing economies continued to beef up their bullion holdings in a bid to diversify their foreign reserves. Bundesbank, the central bank of Germany, reduced its reserves to 109.194 million ounces in October, from 109.344 million ounces in September, according to International Monetary Fund data seen by Dow Jones Newswires. A spokesman for Bundesbank confirmed 150,000 ounces of gold had been sold to the Ministry of Finance to mint commemorative coins. The last time Germany's reserves wereRead More.