Central banks face $450bn in paper losses from gold holdings
Central banks have taken a paper loss of $447 billion from their bullion reserves after the price of gold fell 25% in the first half of 2013, data from the World Gold Council (WGC) released today show. The plunge in gold prices has dealt a particularly hard blow to central banks that loaded up on the bullion during the past couple of years, as well as those that may need to sell gold to cover pressing liabilities.
The Federal Reserve, whose stated gold holdings of 8,133 tonnes did not change
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