LONDON: 5 February 1998
World Gold Council Welcomes Korean
Move
The World Gold Council
welcomes the announcement on February 5 by the Bank of Korea, South Korea’s
Central Bank, that it stands ready to buy gold from local financial institutions
organising the nationwide gold-collection campaign and to add this gold
to its international reserves.
The Council draws attention to the reasons given by the Bank of Korea
for the decision. These reasons include, firstly, the fact that the Central
Bank wanted to avoid any negative impact on the international price which
could arise if all the gold that has been collected were to be exported,
and, secondly, the fact that the central bank wished to increase its reserves.
This central bank statement acknowledges the continuing role of gold
as an international reserve asset and its special usefulness to countries
at times of national crisis or emergencies.
Contact: Robert Pringle, World Gold Council,
London + 44 (0)171 930 5171.
robert.pringle@wgclon.gold.org
See also: Weekly Market Commentary,
2-6 February 1998 |