{"id":1029,"date":"2014-06-23T17:55:37","date_gmt":"2014-06-23T06:55:37","guid":{"rendered":"http:\/\/www.australian-gold.com\/blog\/?p=1029"},"modified":"2014-06-23T17:55:37","modified_gmt":"2014-06-23T06:55:37","slug":"the-costello-curse-reserve-banks-gold-sale-cost-us-5bn","status":"publish","type":"post","link":"https:\/\/www.australian-gold.com\/blog\/the-costello-curse-reserve-banks-gold-sale-cost-us-5bn\/","title":{"rendered":"The Costello Curse: Reserve Bank&#039;s gold sale cost us $5bn"},"content":{"rendered":"<p>THE Reserve Bank sold most of the nation&#8217;s gold reserves more than a decade ago because the board believed its price would remain flat<\/p>\n<p>They believed also the commodity would not play a role in a future financial crisis.<\/p>\n<p>The decision to sell 167 tonnes of the bank&#8217;s reserves has cost the nation about $5 billion based on today&#8217;s soaring price of almost $1400 an ounce.<\/p>\n<p>A board paper recommending the decision to sell conceded that gold served as &#8220;insurance against a breakdown in the international financial system&#8221;, but it then dismissed the need for holding this valuable asset. The paper has been obtained by The Australian under Freedom of Information laws. <a href=\"http:\/\/www.theaustralian.com.au\/news\/nation\/reserve-banks-gold-sale-cost-us-5bn\/story-e6frg6nf-1225985231872\">Read full story<\/a><\/p>\n<p>In terms of <a href=\"http:\/\/www.australian-gold.com\/gold-holdings-by-country\" title=\"The Costello Curse\">gold holdings per country<\/a> Australia is now number 37! Thank you Peter Costello.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>THE Reserve Bank sold most of the nation&#8217;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&#8217;s reserves has cost the nation about $5 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-1029","post","type-post","status-publish","format-standard","hentry","category-gold-blog"],"_links":{"self":[{"href":"https:\/\/www.australian-gold.com\/blog\/wp-json\/wp\/v2\/posts\/1029","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.australian-gold.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.australian-gold.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.australian-gold.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.australian-gold.com\/blog\/wp-json\/wp\/v2\/comments?post=1029"}],"version-history":[{"count":0,"href":"https:\/\/www.australian-gold.com\/blog\/wp-json\/wp\/v2\/posts\/1029\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.australian-gold.com\/blog\/wp-json\/wp\/v2\/media?parent=1029"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.australian-gold.com\/blog\/wp-json\/wp\/v2\/categories?post=1029"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.australian-gold.com\/blog\/wp-json\/wp\/v2\/tags?post=1029"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}