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Eastern Central Banks Accumulate Gold

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Occidental central banks have printed their way out to temporarily avert the financial crisis and economic contraction risks. Before the financial crisis, central banks were net sellers of gold; this trend has clearly reversed regarding Eastern central banks. Central banks still hold a very minute percentage in gold. With Germany repatriating gold back and foreign governments taking physical control of gold, there is a legitimate movement in which governments are slowly stockpiling gold. Russia and China have added hundreds of metric tons of gold to their central banks as financial insurance against Westernized currency regime frameworks. Russia has been buying gold bullion and the Russian Central Bank has a sense the western central banks have been undermining the gold market to the detriment of the developing world. Russia has first-hand experience in currency crises. In 1998, Russia defaulted on US$ 40 billion in domestic debt.

Eastern central banks are not the only group amassing gold. Some sovereign funds have been purchasers of gold.

The State Oil Fund of Azerbaijan (SOFAZ) purchased 17.4 metric tons of gold bullion as of March 1, 2013. 3 tons of gold have been delivered into Baku, the capital of Azerbaijan.

In a Bloomberg telephone interview in Moscow, on February 10, 2013, Russian lawmaker Evgeny Fedorov stated, “The more gold a country has, the more sovereignty it will have if there’s a cataclysm with the dollar, the euro, the pound or any other reserve currency.”

ADIA Seeks to Sell KIC Headquarters

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The Abu Dhabi Investment Authority (ADIA) is seeking to sell the building that houses the headquarters of the Korea Investment Corporation (KIC). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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BMO and OTPP Test Blockchain Canadian Dollar Debt Deal

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The Bank of Montreal (BMO) and the Ontario Teachers’ Pension Plan (OTPP) participated in a landmark blockchain Canadian-dollar debt transaction. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Just Group Acquires Corinthian Pension Consulting

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Just Group plc acquired a 75% ownership stake in the holding company of Corinthian Pension Consulting Limited (Corinthian Pension Consulting). Operating in the institutional world for over 12 years, Corinthian Pension Consulting provides advisory services to defined-benefit pension scheme trustees and scheme sponsors undertaking bulk scheme exercises. The remaining 25% will be retained by current shareholders of Corinthian Pension Consulting. Robert MacGregor will continue to lead Corinthian Pension Consulting, as its Chief Executive Officer. Furthermore, Corinthian Benefits Consulting Limited and Corinthian Affinity Solutions Limited will continue to operate as before, becoming part of a newly formed holding company, Corinthian Group Holdings Limited.

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