Reserve Bank's gold sale cost us $5bn
THE Reserve Bank sold most of the nation's gold reserves more than a decade ago because the board believed its price would remain flat
They believed also the commodity would not play a role in a future financial crisis.
The decision to sell 167 tonnes of the bank's reserves has cost the nation about $5 billion based on today's soaring price of almost $1400 an ounce.
Read on: http://www.theaustralian.com.au/news...-1225985231872
Quite a interesting article, i was not even aware that we sold such a chunk of our gold.