Irish state lost €40 million on gold price drop

The sharp drop in the price of gold last week - the steepest in 30 years - was bad news for exposed fund managers and precious metal miners, but also for the government.

20th April, 2013

The Irish government has lost almost €40 million on gold since December. The sharp drop in the price of gold last week - the steepest in 30 years - was bad news for exposed fund managers and precious metal miners, but also for the government.

At the end of last year, it valued its gold reserves at €266 million. The same six-tonne gold holding was worth €227 million yesterday.

Gold hit a per-ounce low of €1,045...

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