//(Reuters) - Heavily indebted euro zone nations such as Italy and Portugal could come under pressure to put their bullion reserves to work as a result of plans for Cyprus to sell gold to meet its financing needs.
A European Commission assessment of what Cyprus needs to do as part of its European Union/International Monetary Fund bailout showed Cyprus is expected to sell in excess gold reserves to raise around 400 million euros ($523 million).
Other struggling euro area countries may be pushed to take note. Between them, for example, Portugal, Ireland, Italy, Greece and Spain, hold more than 3,230 metric tons (3561 tons) of gold between them, worth nearly 125 billion euros at today's prices.//
If you recall when I said India gov taxed people who bought gold at 4% from 2% that would halt the demand. I had to let go all of my silver holdings. I didn't short it because I was planning to be in cash for the business. Otherwise, I could have done the other way.