NO. 46


Financial and Banking News

Gulf Crisis

Most of Kuwait's Gold Reserves Abroad at Time of Invasion

MEES understands that physical gold stocks in the Central Bank of Kuwaitvaults at the time of the the Iraqi invasion did not exceed 300,000 fine troyounces, worth about $123mn at mid-August prices. This compares with Kuwait'stotal gold reserves at the end of April, as reported by the InternationalMonetary Fund, of 2,539,000 fine troy ounces, worth about $1,040mn at...