Spanish Gold Move Boost for Buillion

Source: Financial Times  (9/17/07)

Analysts said the end of Spanish sales could reduce next year’s central bank gold sales and improve sentiment in the bullion market just as the gold price is approaching a 26-year high.

The Bank of Spain, the largest seller of gold this year under the central banks’ gold agreement, plans no more significant sales of the precious metal in a move that is likely to fuel further the recent surge in prices.

People familiar with the pact said Spain’s central bank had already achieved the bulk of its planned bullion disposals.

Analysts said the end of Spanish sales could reduce next year’s central bank gold sales and improve sentiment in the bullion market just as the gold price is approaching a 26-year high.

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