Amy RemeikisFeb 3
Where it all went wrong: the case against John Howard is available for pre-order and you should get it just because it is going to make Alexander Downer very mad 😇 (You can also ask for it at your library 💖) You can pre-order it at any of your faves www.readings.com.au/product/9781...
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@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>

Reserve dumps gold

The Reserve Bank of Australia has sold two thirds of its gold reserves in a move likely to be seen as a vote of no-confidence in one of Australia's principal exports.

Australian Financial Review
Feb 3 at 1:37amWeb