| Based on the European Commission's draft, Cyprus will sell about 10.4 tonnes of gold, representing 4 percent of the Euro 10 billion bail-out package for Cyprus and about 2.6 percent of the maximum 400 tonnes annual gold sales by the European central banks. Gold reserves represent 62% of total reserves in Cyprus.
However, Barclays pointed out that other European central banks hold a much higher percentage of gold - 90.3% in Portugal, 82.2% in Greece, 72.2% in Italy and 69.2% in France. The potential sale of Cyprus' gold triggers fear that other European central banks will sell their gold to meet their financing needs...............................................Full Article: Source
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