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Top official gold seller in first half of 2024 is big U.S. ally
Philippines Tops World Gold Sales in First Half of 2024
By Ian Laqui
Philippine Star, Manila
Thursday, September 26, 2024
MANILA -- The Bangko Sentral ng Pilipinas disclosed that it sold gold during the first half of the year, following a report identifying the central bank as the largest precious metal seller for that period.
In a statement, the central bank said the gold sales were part of an "active management strategy" of the country's gold reserves, which form a portion of the Philippines' gross international reserves.
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"The BSP took advantage of the higher prices of gold in the market and generated additional income without compromising the primary objectives for holding gold, which are insurance and safety," the central bank's statement read. ...
Citing data from the World Gold Council, brokerage tracking website bestbrokers.com showed that the Bangko Sentral ng Pilipinas sold the most gold in the world, selling 24.95 tons of the metal, bringing down the country's gold holdings to 134.06 tons.
This was followed by Thailand, which sold 9.64 tons; Uzbekistan, which sold 6.22 tons; Mongolia, with 1.33 tons; and Singapore, which sold 1.18 tons. ...
The Bangko Sentral itself, however, did not disclose the exact amount of gold it sold. ...
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