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Financial Times: Cyprus to sell Most of its Gold Reserves to Pay for Bailout

"Cyprus has agreed to sell gold worth €400m from its reserves as a contribution to an international bailout, roiling the precious metal markets as investors feared it could set a precedent for other troubled eurozone countries.

“I think this could be a turning point,” said Jonathan Spall, director of precious metals at Barclays Capital. “Central bank stocks of gold which had looked to be ringfenced in the bailout process could now seemingly come in to play.”

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