Gold Makes Dead Portuguese Dictator Top Investor Without Gains
By Joao Lima - Jul 21, 2010
Former dictator Antonio de Oliveira Salazar might have been remembered as Portugal’s best investor had central bank rules allowed the country to benefit from his shrewdest trade: Europe’s biggest gold pile.
(...) Gold’s 26 percent advance in the past year leaves Portugal holding an increasingly valuable asset, though one the indebted government can’t touch because the law prevents proceeds from going to state coffers.
Portugal’s gold is managed by the Bank of Portugal, whose law says proceeds from sales must be placed in a reserve account and can’t be transferred to the state treasury. The bank pays a dividend each year to the government from earnings on interest and securities. The dividend paid for 2009 was 203 million euros ($260 million), the central bank said in a July 2 e-mail.
A Bank of Portugal official in Lisbon declined to comment on the management of the gold reserves, as did a Finance Ministry spokesman in the Portuguese capital.
Interessante, não? Para quem se lembra de vez em quando das reservas de ouro de Salazar, e se interroga sobre o que lhes terá acontecido nestes trinta e seis anos, este artigo desvenda o mistério, ou pelo menos parte dele.
Ainda bem que os desgovernos deste país não podem desbaratá-las, mas não saber em que investiu o Banco de Portugal o capital adquirido com as vendas todos os anos entre 2003 e 2006 (e antes disso?) deixa-me um bocadinho intranquila.