Central Banks not selling gold - but some are buying
18.06.2010
Author: Lawrence Williams
Posted: Friday , 18 Jun 2010
FUNCHAL -
There have been virtually no Central Bank gold sales over the past quarter, but there have been some purchases, while the IMF continues with its sales programme in an orderly manner.
According to the latest figures released by the World Gold Council (WGC), European Central Banks have sold virtually no gold over the past quarter despite being allowed to sell 400 tonnes in the year under the latest Central Bank Gold Agreement (CBGA3). What little that has been sold by the Banks - the WGC says 1.8 tonnes - has been primarily for the minting of gold coins. The only global seller of any significance so far this year has been the IMF which has sold 38.7 tonnes since mid-February and thus has available for sale still around another 160 tonnes under its announced programme - over the next 2 years. Since the IMF is pledged to sell this amount in an orderly fashion it should have little, or no, adverse impact on the gold price. Indeed when the programme is complete the news may well have a positive impact.
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