Indeed, a report that Cyprus might sell a small fraction – some €400 million ($520 million) – of its gold reserves triggered a 13% fall in gold prices in April. Countries like Italy, which has massive gold reserves (above $130 billion), could be similarly tempted, driving down prices further.
第五，有些人认为高负债的主权国家其债券的风险也越高，因此迫使投资者购买黄金。但如今的情况恰恰相反。许多这类高负债政府都拥有大量黄金储备，而它们也决定去出售这些储备以减少债务。事实上，一则声称塞浦路斯将出售其少量——价值4亿欧元（折合5.2亿美元）——黄金储备的报道就能在今年四月导致金价下跌13%。而像意大利这类拥有庞大黄金储备（价值超过1300亿美元）的国家会做出类似行为，导致金价进一步下行。