Reuters/Karen Lema/9-5-2020
“[Bangko Sentral ng Pilipinas Governor Benjamin] Diokno was elaborating on remarks he made on Friday, when he revealed the central bank was considering selling gold to bring down the ratio to 10%, and keep it there. The bank ‘will always be opportunistic in its reserves management,’ Diokno said.”
USAGOLD note: Is this not the sort of logic Gordon Brown used some 20 years ago when he sold off a large portion of the Bank of England’s gold holdings at less than $300 per ounce? Someone needs to ask Mr. Diokno if the Phillipines central bank intends to buy gold if the ratio drops below 10%.
