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Mix-Ansicht- Canada sells 15 pct of gold reserve on price surge... must read - - ELLI -, 07.03.2003, 00:55
- frage mich was die mit dem Yen wollen??? - nasdaq, 07.03.2003, 03:09
- Re:... und wer war der KÄUFER?! ;-) (owT) - JLL, 07.03.2003, 08:46
Canada sells 15 pct of gold reserve on price surge... must read
-->Canada sells 15 pct of gold reserve on price surge
Wednesday March 5, 11:30 am ET
By Gilbert Le Gras
(Recasts lead, adds quotes, details throughout. In U.S. dollars)
OTTAWA, March 5 (Reuters) - Canada sold 15 percent of its gold reserves last month as prices surged to 6-1/2 year highs and used the money to add to its higher-yielding foreign currency investments.
The country's holding of foreign currency securities rose to $28.16 billion, or 78 percent of its total reserves of $35.9 billion, up from 74 percent two years ago. Foreign currency cash reserves, meanwhile, shrank to 9 percent of the total from 15 percent in February 2001, government data showed.
A country's holdings of foreign reserves and the growth or decline in value of those reserves are closely watched by international debt markets as a gauge of a nation's ability to pay its obligations.
"What we buy with the (gold) proceeds depends on...the available securities matching in the portfolio we follow," a finance official said.
Finance ministry figures released on Wednesday showed that the government sold 90,588 ounces of gold in February, leaving its holdings at slightly above 500,000 ounces. That is down from about 21 million ounces in 1980 before Canada's gold sales started.
Gold prices on world markets gyrated last month from a 6-1/2 year high of $390.80 an ounce to a low so far for 2003 of $342.40. Still, both prices are up significantly from last July, when gold traded around $320 an ounce.
Canada's overall foreign reserves fell by $1.73 billion to $35.9 billion last month as Canada paid off a $2 billion global bond and made several other transactions such as raising euro and yen investments by $15 million each, finance ministry data showed.
<font size="4">"We buy foreign-currency fixed-income securities like U.S. dollar bonds...or euro-denominated bonds that are eligible to be bought as part of foreign reserves and the returns on those are higher than returns we get on gold," the official said. </font>
Euro deposits and securities holdings of $14.26 billion in February are more than double their level of two years ago and are 40 percent of the total from 21 percent in February 2001.
Yen deposits and securities holdings of $968 million have nearly doubled in the same period and account for almost 2.6 percent of the total from 1.6 percent two years ago.
http://biz.yahoo.com/rm/030305/economy_canada_reserves_3.html
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