Tuesday, January 15th 06:25 PM IST

Ireland remains silent on Gold reserves with BoE

# Ireland gold  # Bank of England  # Washington Agreement on Gold  

The bank further said it had not entered into any lease arrangements regarding any of its gold but would not provide specific details of its storage arrangements with the Bank of England.

DUBLIN(BullionStreet): Irish authorities remained silent over it's gold storing arrangements with the Bank of England despite recent controversies.

The Central Bank of Ireland stuck with the two earlier statements which said the value was 235 million pound last time it checked. This represents just over 1 per cent of its total investments.

The bank further said it had not entered into any lease arrangements regarding any of its gold but would not provide specific details of its storage arrangements with the Bank of England.

Analysts said Ireland owns six tonnes of gold and the bulk of which is held at the Bank of England. Ireland was a party to the Washington Agreement on Gold, which recognized gold as an important element of global monetary reserves.

Goldcore founder Mark O'Byrne said the Irish people had a right to know where Ireland's gold reserves were stored, how they were stored and whether they were loaned or leased out into the market.

He said the perception in Ireland that gold was in a bubble was absolute nonsense. Most people in Ireland don't even know what the price of gold is, he said.

The real debate we should be having is the risk posed by currency devaluation, said O'Byrne, not just in Ireland with the euro but with sterling, the dollar and every other paper currency in the world.

He said a slew of people who had warned about the Irish property market were completely ignored and those warning about currency devaluation now were being ignored again.

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