Citizens for Democracy



Oro : El gobierno de Zapatero vendió 80 toneladas de Oro
Gold: Spain´s Government Sells 80 Tons of Gold

"Entre la primavera y verano de 2007 el Banco de España ha vendido 120 toneladas de oro, causando la saturación del mercado mundial, una cantidad  suficiente para humedecer la subida habitual de primavera."

"One explanation for the sorry performance of gold comes from a report that "Over the past two months the Banco de España has sold off 80 tonnes of gold, flooding the world market with enough bullion to dampen the usual spring rally." In case you were wondering, this is all part of a desperate move by Spain to get cash, as their "foreign reserves have plummeted to wafer-thin levels, leaving the country exposed to a possible banking crisis if the property market swings from boom to bust." The Telegraph goes on "The Banco de España refused to comment on the sales, leaving it unclear why reserves have fallen so low, or where the money has gone"..." Between the spring and July a total of 120 tons of gold were cashed-in under Zapatero´s goverment.

Note: The 2007 sale of Spanish gold under the presidency of Jose Luis Rodriguez Zapatero, did indeed provide his government with fast cash, however, calculating the cost of that cash as a 3-year finance, considering that by 2010 the value of that gold had doubled, makes an incredible 100% interest rate on the transaction!


Interesting overview of Spains gold sale in 2007, and prediction of what actually happened:-

"En la primavera de 2007 el Banco de España vendió de 80 toneladas de oro, causando una saturación del mercado mundial con suficiente oro para humedecer la subida habitual de primer vera." Y hasta julio, otro 40 toneladas de ora estaba vendido!

The facts / Los hechos :-

Entre septiembre 2001 y septiembre 2007 las Reservas Internacionales de España ha bajado por 69%, como podemos ver abajo.

Between September 2001 and September 2007 Spain`s international reserves dropped by 69% as can be seen below.

Activos de reserva. Total 39.971.376
/Oro 5.360.528
/Posicion en el FMI 1.348.242
/Derechos especiales de giro en el FMI 384.859
/Divisas convertibles 32.734.979
/Derivados financieros 142.768

Activos de reserva. Total 12.493.479
/Oro 4.710.820
/Posicion en el FMI 245.141
/Derechos especiales de giro en el FMI 241.368
/Divisas convertibles 7.227.051
/Derivados financieros 69.098

1) Fuente de información: Banco de España (Buscar con /Search with "Reservas internacionales")

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Last modified: January 26, 2012 ONE TWO THREE