central bank gold...
The United Arab Emirates Central Bank may cut its U.S. dollar-dominated reserves by up to 90 percent and is looking at other currencies such as the yen, euro, and sterling, UAE Central Bank Governor Sultan Nasser Al Suwaidi said yesterday. He did not elaborate.
"The bank hopes to lower the dollar share of its foreign currency reserves to a range of between 50 to 90 percent," Al Suwaidi said. At present, he said, 98 percent of the bank's reserves holdings are in U.S. dollars. The foreign currency reserves of the UAE currently stand at over $25 billion. The Central Bank is yet to convert 10 percent of the total reserves into euros and gold, a decision it took earlier this year.
My math shows UAE would be purchasing about 13 tonnes if it held 1% in gold... Would more than offset 1 week ECB planned sales (about 9.6 tonnes per week=plan sales).
UAE Reserves... 25,000,000,000
1%... 1.0%
1% Reserves... 250,000,000
POG... $600.00
Oz... 416666.67
Tonnes... 12.96
