Colombia has removed 10 tons of gold from its reserves

During the COVID19 pandemic, the Colombian central bank has drawn on all the resources at its disposal to meet its objectives in the national economy, and one of them was to sell a large part of the country’s gold reserves. According to data from the World Gold Council (WGC), the Issuer has removed about 10 tons of this precious metal from its coffers so far this year. In 2019, the central bank had around 19 tons of gold in its reserves, which fell to 13.8 tons in the first quarter of 2020 and 4.1 tons at the end of June. By May 2020, it had sold $ 468 mn, equivalent to 67% of its holdings in that moment.

Source: Portafolio