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Taiwan Central Bank Made Bonanza from Gold Purchases
Taiwan’s central bank governor says the bank has made a bonanza from gold purchases in 2008 but does not plan to buy more of what he calls a risky asset.
Governor Perng Fai-nan said Monday that Taiwan has a policy to diversify its foreign reserves that now stand at $394 billion and does not plan to reduce its U.S. Treasury holdings to buy more gold.
He said the bank purchased about 19,000 ounces of gold in 2008. Gold was trading at $1,705 on Monday, more than double the 2008 price.
Perng said Taiwan now has 13.6 million ounces in gold holdings. He said its total value accounts for 5.5 percent of the island’s foreign reserves, higher than Japan’s 3.2 percent and China’s 1.7 percent.