Ecuador: Something’s rotten in the gold swap

BlogHer Network
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. . . .

Read more from Ecuador: Something’s rotten in the gold swap at Fausta's Blog

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