"The acquisition of Equinox would add a high-quality, long-life asset to our portfolio, and is consistent with our strategy of increasing gold and copper reserves through exploration and acquisitions," Aaron Regent, chief executive of Barrick, said in a statement, adding in a conference call that it was a way to "deploy a portion of our cash balances, which are earning very little".
ALL ACCEPT DAWES PLAN Reichsbank Is Increasing Home Gold Reserves Faster Than Total Gold Holdings.
Last year, the SNB was dragged into the highly charged debate surrounding a referendum on a "gold initiative" that would have required it to increase its gold reserves to 20%, and limited its ability to conduct monetary policy.
This is part of a continuing trend in which central banks have increased their gold reserves as a way of hedging or protecting against the fall in value of their holdings of paper money like the dollar and the euro.
It helps that China openly announced it wants to increase its gold reserves; the market isn't looking too hard at you.
For example, the Russian central bank wants to increase gold's share of its reserves from 5% to 10%.
Acquiring Western Silver will increase Glamis's gold reserves by 85percentt, mostly from the Penasquito project in Mexico, the chief executive, C. Kevin McArthur, said on a conference call.
See articleNo flash in the panGoldcorp, a Canadian gold-mining company, launched a hostile C$2.6 billion ($2.4 billion) bid for Osisko Mining, which operates a big mine in Quebec that would increase Goldcorp's gold reserves by 10m ounces.
Normandy was an attractive target because its gold reserves increased by one-fifth last year, to more than 26 million ounces, and because mining in Australia is seen as less risky and fraught with problems than mining in many developing countries.
With its landlocked location, dissipated gold reserves, increased costs of production and imports, and huge trade deficits, Bolivia's revolutionary regime couldn't counter the economic power of the United States.
The latest fall was prompted by trading in China,which on Friday said that its gold reserves had increased by 57% from the last time it adjusted its figures six years ago.
