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Old 17th May 2007, 06:36 PM
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Re: Telegraph.co.uk - Spain risks crisis over vanishing reserves

What kind of drivel is this?

Central Banks don't pay for imports!

The Spanish do not need to hold reserves to defend the currency unit.

All of these numbers are very small beer. Most currency reserves are now held in the private sector, and Gold is now generally understood for what is, a pretty yellow metal that sits around and does nothing.

Western countries have realised that there is little or no value in holding high levels of official reserves, so they don't do it.
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