@amyremeikis.bsky.social

1997

“Last night the (Australian) #ReserveBank said it had reviewed the costs and benefits of holding gold, and decided that "while there was a case to hold some gold as a contingency against unforeseen events", keeping a fifth of its international reserves in gold was "no longer justified". Commenting on the sale, the (Howard Liberal Govt.) Treasurer, Mr #PeterCostello, said: "Gold no longer plays a significant role in the international financial system.”

“The sales, worth more than $2 billion, were conducted stealthily over the past six months, during which time the gold price has fallen from around $US360 an ounce to less than $US335/oz.>

#LNP / #WealthManagement / #gold / #straya 🤪 <https://afr.com/politics/reserve-dumps-gold-19970704-k7kbx> / <https://archive.md/7CNSa>

@RaymondPierreL3
Yes, reasons compelling: “why the RBA ought to wait before jumping on the cash rate lever.”
In general too much speculation - unbuttoned from the real world - feels like a bad thing; who is it that benefits from the churn? 🤔.
But there are lots of assumptions overdue for examination or re-examination & this could be a good time to start talking about them. Always a pleasure to read your contribution! 🙂

#AUSPol #RBA #ReserveBank #economics #speculation #churn #CashRate

Willis sure is burning through Reserve Bank senior staff at pace.

@puzzle

#NZPol #ReserveBank