Friday, September 2, 2011

Analysis: Gold sales would not solve Europe's debt troubles

By Jan Harvey


LONDON (Reuters) - Europe's most indebted nations are under heavy pressure from their richer neighbors to sort out their finances, but they are unlikely to mimic the impoverished gentlefolk of old by selling off the family silver -- or in their case, gold -- to do so.


More than 750 tonnes of gold are currently sitting in the state coffers of Portugal, Greece and Spain alone, equal to about 17 percent of the 2010 annual supply of bullion from mining and sales of scrap.



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