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 gold directly to suppliers and then the Central Bank pays to them.

“The plan to use correspondents should materialize in the coming months. The advantage is that, havingnonprofits, we will not make big discounts to the gold price. Just the necessary for the operation to besustainable will be discounted”, said the BCE through an email.

Over the past year, the country exported USD 400 million in gold. The international price since its peak in July 2001, is dropping, but is stable in levels of USD 1 250 an ounce.