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gold reserve |
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gold reserve n (Economics, Accounting & Finance / Banking & Finance) the gold reserved by a central bank to support domestic credit expansion, to cover balance of payments deficits, and to protect currency How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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The system continued in the years of fragmentation that ensued, until it was fully replaced by the "gold standard" system of the British-led Industrial Revolution, whereby banknotes replaced gold coins on the strength of the gold reserves in the vault of the issuing banks. Goldcorp announced its year-end gold reserves and resource estimates on Feb. Confirmation this week from Germany's Bundesbank that it has been lending some of its 3,700 metric tons of gold reserves followed recent announcements by Switzerland that it may sell almost a third of its reserves, some 800 tons. |
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