Gold Holdings Of Eurozone Rise To 10,792 Tonnes – ECB’s “Reserve of Safety” Accumulated
The rise in gold holdings was small in tonnage terms and in percentage terms – especially when viewed in the light of the recently launched ECB’s EUR 1 trillion QE monetary experiment.
Nevertheless, the rise in Euro-area gold holdings shows how the ECB continue to view gold as an important monetary asset. Mario Draghi said of gold in October 2013 that gold is a “reserve of safety” that “gives you a value-protection against fluctuations against the dollar.”