Central banks are hoarding gold, but one Asian official says it might be time to sell

The Philippines is debating cashing in its gold as prices smash records. Gold makes up 13% of the Philippines' reserves, higher than most Asian countries, an official told Bloomberg. A buying spree by central banks and global jitters have sent prices soaring this year. Central banks' massive gold purchases have helped drive prices to record highs this year, but one Asian policymaker says his country might want to consider selling. "Our holdings of gold are already excessive," Benjamin Diokno, a Mo ...