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Daily Telegraph: BoE staff pension fund shuns gilts

LONDON, 25 November 2009 ? A STORY BROKEN by BullionVault, the UK's leading gold dealing & ownership specialists, is detailed today in The Daily Telegraph newspaper.

"There is no suggestion that the Bank of England's staff has lost faith in the ability of the Monetary Policy Committee to control inflation," says international business editor Ambrose Evans-Pritchard, "[but their] pension fund sharply reduced its portfolio of fixed-rate gilts and switched to inflation-protected bonds in the year to February."

The Bank of England's staff pension fund "would have performed better if it had put a chunk of its money in the barbarous relic of gold long ago," says Evans-Pritchard.

He acknowledges Adrian Ash, BullionVault's head of research, as his source for the BoE's official pension-fund report.

You can read BullionVault's original note on the story at its Gold News analysis site. Or visit the Telegraph online for Ambrose Evans-Pritchard's report.

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Daily Telegraph