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Cyprus Central Bank Spokesperson says $523mln Gold Sale Never Discussed

By John Dourekas of Kitco News
Wednesday April 10, 2013 5:25 PM

(Kitco News) - A spokesperson for the Central Bank of Cyprus told the Cyprus News Agency (CNA)  that reports of the $523 million gold sale have not been, “raised, discussed or debated,” with the bank’s board of directors.  

Aliki Stylianou told CNA this Wednesday after reports on Reuters surfaced that Cyprus officials had agreed to sell around 400 million euros in excess gold reserves to contribute to the country's bailout.  Stylianou said that the gold sale was, “never discussed nor are there current or future plans to do so on the board’s agenda.” Reuters based its story on a draft report from the European Commission which assessed the nation's financing needs.

News of Cyprus’ planned sale helped drive gold down the most in five months.  Gold futures for June delivery fell 1.8 percent to settle at $1,558.80 an ounce at 1:38 p.m. on the Comex in New York, the biggest drop for a most-active contract since Nov. 2.

By John Dourekas of Kitco News jdourekas@kitco.com

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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