NBP purchases gold as other nations sell their devaluing gold reserves

According to the Gold World Council, the NBP has at present 102.7 tons of gold while at the beginning of June the reserves equaled 28.2 tons. The NBP purchased the gold, complying with international purity standards of 2.4 million ounces. The purchase value has not been revealed, however in March the price of one ounce equaled $292. It has been estimated that NBP spent over $6.5 billion. The NBP decision arouses much controversy as the price of gold in past three months dropped by some $10 per once. At the time when NBP was purchasing the gold, Canada's central bank and the Central European Bank were selling their gold reserves. "The decision to purchase the gold was preceded with a deep analysis," said Krzysztof Majczuk, NBP director of foreign operations. (Prawo i Gospodarka, page 1)