Not done for political reasons.
What makes you say that?
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France pulls last gold held in US
11–20 of 374 posts
Re: France pulls last gold held in US
#12Good for France to relocate gold back to their own territory, but, uh, how can this result in a 15 B gain? "The overall size of France’s gold reserves still remained unchanged at roughly 2,437 tonnes, which are now entirely held at the BdF’s underground vault in La Souterraine." Is this some special form of French accounting, where the gold becomes more valuable when it returns to French soil?
Over about a year they sold their 'non-standard' (seems to be bars below the modern purity standards) US reserves, and replaced them with new reserves purchased elsewhere which are now stored in France. As the price of gold continued to rise as they did this, they ended up making a bunch of dinero while also centralizing their reserves.
I don't understand this. Did they increase the overall amount of gold they held?
Re: France pulls last gold held in US
#13Earlier quoted context omitted.
What makes you say that?
> BdF Governor Francois Villeroy de Galhau said the decision to keep the new bars in Paris is “not politically motivated,” as the higher-standard gold bars it bought were traded on a European market.
Well they are probably just being diplomatic, there is no point in accidentally triggering the ape.
Re: France pulls last gold held in US
#14Not done for political reasons.
Unless one reads between the lines.
Re: France pulls last gold held in US
#15Good for France to relocate gold back to their own territory, but, uh, how can this result in a 15 B gain? "The overall size of France’s gold reserves still remained unchanged at roughly 2,437 tonnes, which are now entirely held at the BdF’s underground vault in La Souterraine." Is this some special form of French accounting, where the gold becomes more valuable when it returns to French soil?
Gold in hand is worth $15B in the bush?
Re: France pulls last gold held in US
#16Site doesn't load for me.
https://archive.is/ePH8u
Re: France pulls last gold held in US
#17Earlier quoted context omitted.
Over about a year they sold their 'non-standard' (seems to be bars below the modern purity standards) US reserves, and replaced them with new reserves purchased elsewhere which are now stored in France. As the price of gold continued to rise as they did this, they ended up making a bunch of dinero while also centralizing their reserves.
I don't understand this. Did they increase the overall amount of gold they held?
Sold it at the peak, and then bought it locally a few months later.
Re: France pulls last gold held in US
#18Earlier quoted context omitted.
Over about a year they sold their 'non-standard' (seems to be bars below the modern purity standards) US reserves, and replaced them with new reserves purchased elsewhere which are now stored in France. As the price of gold continued to rise as they did this, they ended up making a bunch of dinero while also centralizing their reserves.
I don't understand this. Did they increase the overall amount of gold they held?
First sell the gold, then buy same amount at a slightly lower price a bit later (on average)
Re: France pulls last gold held in US
#19Good for France to relocate gold back to their own territory, but, uh, how can this result in a 15 B gain? "The overall size of France’s gold reserves still remained unchanged at roughly 2,437 tonnes, which are now entirely held at the BdF’s underground vault in La Souterraine." Is this some special form of French accounting, where the gold becomes more valuable when it returns to French soil?
It's gold only if it comes from the Dore région of France. Otherwise it's just sparkling metal.
That accent somehow migrated two characters too far.
Re: France pulls last gold held in US
#20This seems to be the source article (Reuters, March 24): https://www.reuters.com/business/french-central-bank-books-1...