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Bank Negara sold 1/2 our gold - Dr Jomo
By web aNtu
24/12/1999 6:30 am Fri
Subject: Why Did Bank Negara Sell Off Half of Malaysias Gold Reserves At Low Prices?
Why Did Bank Negara Sell Off Half of Malaysia's Gold Reserves At Low
The International Monetary Fund's International Financial Statistics
reported on 10 December 1999 that Malaysia=92s gold reserves went down by
half in August 1999 from 2.34 million ounces the month before.
The price of gold on the London Metal Exchange (LME) went down to a two
month low price of US$252.55 per oz. on 25 August 1999 (from US$261.50
on 17 August 1999) as a consequence of rumours of heavy selling by the
Taking the August 1999 average price of US$256.72 per oz, 1.17 million
oz of gold would have sold for US$300,362,400, or about RM1,141,371,200.
Bank Negara Malaysia should have informed the Malaysian people of the
circumstances of and reasons for this sell-down of half of Malaysia's
gold reserves at a time of low gold prices, and how the gold sales
revenue has been deployed.
Jomo K. S.
Link Reference : Proxy List Dec 1999