Central Bank plans to buy gold from local miners

The Central Bank of Ecuador (BCE for its Spanish acronym) is working on a strategy to buy gold to localminers. This, due to transaction of half of the gold reserves (13 tons), through Goldman Sachs. The objective of the plan is that the credit unions of the mining districts buy...

Ecuadorian gold used as collateral for loan

Last Wednesday during a discussion with international media at the Carondelet Palace, president Rafael Correa reported that over half of the reserves of Ecuadorian gold were used as collateral for a loan with the bank Goldman Sachs. Gold reserves “serve as collateral for a...

BCE invests gold reserves in the International Market

The Central Bank of Ecuador (BCE for its Spanish acronym) announced it invested some of its gold reserves ( 466,000 ounces) in the international market. This was done through the Goldman Sachs International U.S. bank , a company that also made a gold operation with Venezuela in...