Gold Bars in Ireland Could Be a Sign of Inflation
Gold bars are a popular way for individuals to invest in gold bars ireland and are often a lower-cost option than investing in coins. These bars are also a great way to avoid the risk of government confiscation of gold-based assets like bank accounts as seen in countries such as Greece and Cyprus, where people lost access to their savings when their banks were frozen by their governments. The only downside to holding gold bars is that they are not as liquid as a regular bank account and are usually more difficult to sell, making them a good investment for larger investors or banks.
Ireland’s central bank is buying gold again after a 12-year hiatus, which could be a sign of inflation concerns. Bloomberg reported that the Dublin-based institution purchased two tons of gold over the past few months, which brings its total to about 11 tonnes. It’s the first time since 2009 that the central bank has added to its gold reserves, which accounts for less than 1% of its total foreign-exchange holdings.
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In the 2010 annual report, the Central Bank of Ireland changed its wording from “gold deposits with foreign banks” to “gold bars held at the Bank of England”. Because this change in wording indicates a change in how the gold was stored, I requested a copy of the gold bar list, bullion weight list or allocated bar set-aside listing that uniquely identifies the gold bars being held by the Bank of England on behalf of the Central Bank of Ireland in 2009.
The second FOI Decision Maker claimed that releasing this information would have a ‘serious adverse effect on the financial interests of the State’ and he refused my request. This is a completely false claim because the Bank of England has provided such a list to the Reserve Bank of Australia for the 80 tonnes of gold it stores with them.