Cyprus Denies Plans to Sell $525 Million Worth of Gold Reserves

CNBC reported that, despite reports that suggest otherwise, Cyprus is denying claims that they are planning on selling  400 million euros ($525 million) worth of its gold reserves as one of the conditions of their bailout.

As quoted in the market report:

The decision to sell the gold is a decision to be taken by the board of the Central Bank of Cyprus (CBC). No such thing has been discussed or is in the process of being discussed. There are so many rumors flying about and this is just one of them,” she said.

To view the whole CNBC report, click here.