http www gold-eagle com editorials_08 katz 102708 html http

http: //www. gold-eagle. com/editorials_08/katz 102708. html

http: //research. stlouisfed. org/fred 2/series/BASE

http: //www. gold-eagle. com/editorials_08/katz 102708. html

http: //research. stlouisfed. org/fred 2/series/BASE

Joseph Wright The Alchemist 1771

Currency composition of official foreign exchange reserves '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 US dollar 59. 0 % 62. 1 % 65. 2 % 69. 3 % 70. 5 % 70. 7 % 66. 5 % 65. 8 % 65. 9 % 66. 4 % 65. 7 % 63. 9 % 17. 9 % Euro 70. 9 % 18. 8 % 19. 8 % 24. 2 % 25. 3 % 24. 9 % 24. 3 % 25. 2 % 26. 5 % German mark 15. 8 % 14. 7 % 14. 5 % 13. 8 % Pound sterling 2. 1 % 2. 7 % 2. 6 % 2. 7 % 2. 9 % 2. 8 % 2. 7 % 2. 9 % 2. 6 % 3. 3 % 3. 6 % 4. 2 % 4. 7 % Japanes e yen 6. 8 % 6. 7 % 5. 8 % 6. 2 % 6. 4 % 6. 3 % 5. 2 % 4. 5 % 4. 1 % 3. 9 % 3. 7 % 3. 2 % 2. 9 % French franc 2. 4 % 1. 8 % 1. 4 % 1. 6 % Swiss franc 0. 3 % 0. 2 % 0. 4 % 0. 3 % 0. 2 % 0. 3 % 0. 4 % 0. 2 % 0. 1 % 0. 2 % Other 13. 6 % 11. 7 % 10. 2 % 6. 1 % 1. 6 % 1. 4 % 1. 2 % 1. 4 % 1. 9 % 1. 8 % 1. 9 % 1. 5 % 1. 8 % Sources: 1995 -1999, 2006 -2007 IMF: Currency Composition of Official Foreign Exchange Reserves. PDF (80 KB) Sources: 1999 -2005, ECB: The Accumulation of Foreign Reserves. PDF (816 KB) v • d • e

WWW. PINES. IT

http: //www. gold. org/government_affairs/reserve_asset_management/

Il Sole 24 Ore 23 feb. 2012 pag. 23

http: //www. gold. org/government_affairs/reserve_asset_management/

**The percentage share held in gold of total foreign reserves, as calculated by the World Gold Council. The value of gold holdings is calculated using the end of month London pm fix gold price published daily by the LBMA. In March , the end of month gold price was $1439. 00 Data for the value of other reserves are taken from IFS, table ‘Total Reserves minus Gold’. http: //www. gold. org/government_affairs/reserve_asset_management /

WORLD OFFICIAL GOLD HOLDINGS International Financial Statistics, March 2016* Tonnes % of reserves %R 1 United States 8. 133, 5 73, 3% 22 Belgium 227, 4 33, 4% 2 Germany 3. 381, 0 67, 4% 23 Kazakhstan 223, 0 29, 5% 3 IMF 2. 814, 0 1) 24 Philippines 195, 9 8, 6% 4 Italy 2. 451, 8 65, 2% 25 Algeria 173, 6 4, 1% 5 France 2. 435, 6 60, 7% 26 Thailand 152, 4 3, 4% 6 China 1. 778, 5 1, 9% 27 Singapore 127, 4 1, 8% 7 Russia 1. 435, 9 13, 8% 28 Sweden 125, 7 7, 7% 8 Switzerland 1. 040, 0 6, 2% 29 South Africa 125, 2 9, 9% 765, 2 2, 2% 30 Mexico 121, 4 2, 5% 10 Netherlands 612, 5 55, 5% 31 Libya 116, 6 5, 3% 11 India 557, 7 5, 6% 32 Greece 112, 7 65, 4% 12 Turkey 6) 516, 7 16, 6% 33 BIS 2) 108, 0 1) 13 ECB 504, 8 25, 4% 34 Korea 104, 4 1, 0% 14 Taiwan 423, 3 3, 4% 35 Romania 103, 7 9, 7% 15 Portugal 382, 5 68, 6% 36 Poland 102, 9 3, 9% 16 Venezuela 361, 0 66, 8% 37 Iraq 89, 8 5, 9% 17 Saudi Arabia 322, 9 1, 8% 38 Australia 79, 9 6, 5% 18 United Kingdom 310, 3 8, 3% 39 Kuwait 79, 0% 19 Lebanon 286, 8 20, 9% 40 Indonesia 78, 1 2, 7% 20 Spain 281, 6 18, 4% 41 Egypt 75, 6 16, 9% 21 Austria 280, 0 44, 0% 42 Brazil 67, 2 0, 7% 9 Japan

Tonnes % of reserves 43 Denmark 66, 5 3, 6% 44 Pakistan 64, 5 12, 0% 45 Argentina 61, 7 7, 3% 46 Finland 49, 1 18, 0% 47 Belarus 4) 42, 9 38, 1% 48 Bolivia 42, 5 11, 9% 49 Jordan 41, 4 9, 0% 50 Bulgaria 51 Malaysia 52 WAEMU 3) 53 Peru 54 Slovakia 55 Azerbaijan 56 Ukraine 57 Syria 58 Sri Lanka 59 Morocco 60 Afghanistan 61 Nigeria 62 Serbia 63 Cyprus 64 Bangladesh 65 Tajikistan 66 Cambodia 67 Qatar 68 Ecuador 69 Czech Republic 70 Mauritius 71 Ghana 40, 2 38, 6 36, 5 34, 7 31, 7 30, 2 27, 4 25, 8 22, 1 22, 0 21, 9 21, 4 18, 1 13, 9 13, 8 12, 6 12, 4 11, 8 10, 0 8, 9 8, 7 6, 7% 1, 4% 11, 1% 2, 0% 39, 2% 16, 0% 7, 3% 5, 2% 12, 3% 3, 4% 10, 9% 2, 4% 5, 7% 59, 9% 1, 8% 87, 5% 6, 1% 1, 2% 16, 8% 0, 5% 7, 4% 6, 9% Tonnes % of reserves 72 Paraguay 73 U A E 74 Myanmar 75 Guatemala 76 Macedonia 77 Tunisia 78 Latvia 79 Ireland 80 Lithuania 81 Nepal 82 Brunei Darussalam 83 Bahrain 84 Kyrgyz Republic 85 Colombia 86 Mozambique 87 Slovenia 88 Aruba 89 Hungary 90 Bosnia Herzegovina 91 Mongolia 92 Luxembourg 93 Hong Kong 94 Iceland 95 Papua New Guinea 96 Trinidad and Tobago 97 Haiti 98 Albania 99 Yemen 100 El Salvador 8, 2 7, 5 7, 3 6, 9 6, 8 6, 6 6, 0 5, 8 4, 9 4, 8 4, 7 4, 2 3, 5 3, 4 3, 2 3, 1 3, 0 2, 4 2, 2 2, 1 2, 0 1, 9 1, 8 1, 6 1, 4 4, 9% 0, 3% 3, 5% 3, 2% 9, 9% 3, 3% 6, 6% 9, 8% 21, 4% 2, 8% 5, 2% 2, 8% 9, 0% 0, 3% 4, 8% 12, 7% 13, 5% 0, 3% 2, 2% 5, 8% 10, 3% 0, 0% 1, 3% 4, 0% 0, 7% 3, 3% 1, 8% 1, 1% 1, 6%

WORLD OFFICIAL GOLD HOLDINGS International Financial Statistics, March 2016* Tonn 32. 150 oz. 1232, 50 X 32. 150 = 39. 624. 875 $ Other Tonnes % of reserves** World 7) 32. 813, 0 1) Euro Area (incl. ECB) 10. 788, 7 53, 7% CBGA 4 signatories 5) 11. 954, 5 30, 9%

Central Bank Gold Agreements On 19 th May 2014, the European Central Bank and 20 other European central banks announced the signing of the fourth Central Bank Gold agreement. This agreement, which applies as of 27 September 2014, will last for five years and the signatories have stated that they currently do not have any plans to sell significant amounts of gold.

Basingstoke, UK 2013

US$/€ Fonte ECB http: //www. ecb. int/stats/exchange/eurofxref/html/eurofxref-graph-usd. en. html