Taiwan Reaches Into Its Gold Reserves to Make Inauguration Coins

(Bloomberg) -- As Taiwan prepares for an election next month, its gold reserves have been drawn down to make presidential inauguration coins.

The holdings fell to 13.58 million ounces in October from 13.62 million a month earlier, a level it’s held for most of the time since 2003, according to data on the central bank’s website. Polling is set for Jan. 11, with inauguration on May 20.

“We’ve done this every four years,” said James Shih, director general of the central bank’s department of issuing. “We will buy the gold back to keep the reserve level at 13.62 million ounces.”

The central bank’s bullion holdings have stayed around the same level for years, with similar declines before presidential inaugurations when the elections came around. Commemorative coins for the event were last issued in 2016, and were sold for NT$48,000 ($1,590).

©2019 Bloomberg L.P.

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