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Cyprus Shedding of Gold Reserves Could Set Stage for Other Debt-Ridden Countries
Apr. 11, 2013 01:36PM PST
Precious Metalseuters reported that Cyprus’ recent move to reign in debt load by selling gold reserves could set a precedent for other debt-ridden countries, which could raise some potential market problems.
Reuters reported that Cyprus’ recent move to reign in debt load by selling gold reserves could set a precedent for other debt-ridden countries, which could raise some potential market problems.
As quoted in the market report:
It’s a potential game-changer for the market,” he added. “Given we know that Portugal rejected the most recent austerity plan, and they have over 90 percent of the country’s foreign exchange reserves in gold, does this mean that Portugal perhaps will be asked to sell some of its gold?
