6.31 Category K.12.2 distinguishes monetisation/demonetisation of gold (K.12.21) and changes in classification of assets or liabilities other than monetisation/demonetisation of gold (K.12.22).
6.32 Monetisation/demonetisation of gold (K.12.21) is recorded in the other changes in the volume of assets account of the monetary authorities gebucht (see paragraph 5.27.), that is to say in the sub-sector the central bank (S.121) or central government (S.1311).
Monetisation of gold occurs when the monetary authorities reclassify gold from stocks of valuables to reserve assets held by the monetary authorities. The other changes in the volume of assets account records then a decrease in their holding of valuables and an increase in their holding of monetary gold.
Purchases of monetary gold directly from other monetary authorities are classified as transactions in monetary gold (F.11). All other purchases, including those from financial intermediaries or via an organised gold market must be recorded as purchases of valuables followed by a classification change.
Demonetisation of gold occurs when the monetary authorities transfer gold from reserve assets to valuables. Holdings of monetary gold by monetary authorities then decrease and valuables show an increase. Sales of monetary gold directly to other monetary authorities are classified as transactions in monetary gold (F.11). All other sales, including those to financial intermediaries or via an organised gold market must be recorded as sales of valuables preceded by a classification change.
6.33 Changes in classification of assets or liabilities other than monetisation/demonetisation of gold (K.12.22): examples are changes in land use or conversions of dwellings to commercial use or vice versa. In the case of land both entries (a negative entry for the old category, a positive one for the new category) have to be made with the same value in the category K.12.22. The change in land value resulting from this change in use is recorded in economic appearance (see paragraph 6.17. c) or disappearance of non-produced assets (see paragraph 6.21. b) considered as volume changes.
K.12.22 does not include the conversion of bonds into shares. This conversion is recorded as two financial transactions (see paragraph 5.62. l).
6.34 Entries for other changes in volume (K.3-K.10 and K.12) are recorded in the other changes in the volume of assets accounts of the sectors, the total economy and the rest of the world.