Cyprus announces intent to sell gold reserves

[Magda Hassan]

What idiot would ever show their hand in a game of high stakes like this where one wants to maximize profits unless they were working for the other side?

Here we go again. Announcing it's intent to sell it's gold reserves simply allows the market price to be adjusted lower prior to the sales. For me, this is the Eurozone's intention. Deflate the gold price even further.

It's a trend that began with Gordon Brown announcing his intention to sell of 400 tonnes of Britain's gold reserves in 1999. Prior to that any intention was a closely guarded secret in order not to tip off the market in advance. Brown's sale took place when the gold price was at a 20 year low. He recouped £2 billion through the sale at $300 an ounce. It then spiked to $1900 an ounce less than 10 years later.