Ecuador: Something’s rotten in the gold swap
By Fausta's Blog on June 06, 2014
Following up on the Ecuadorian gold story, it turns out it’s not quite a sale, it’s a swap: On Tuesday, Ecuador announced that it had swapped 1,165 bars of gold with Goldman. The gold is worth nearly $600 million, based on current prices. Goldman GS 1.76% , in return, is giving the Ecuadorians “instruments of high security and liquidity,” which is likely cash or something close to it. . . .
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