Central Bank Gold Sales Near Maximum in 2007
Source: Reuters (10/11/07)
Central banks which signed the Central Bank Gold Agreement sold 475.75 tonnes of gold in the third year of the agreement ending September 26, said a statement released on Wednesday by the Bank for International Settlements on behalf of the signatories.
Also on Wednesday, Germany's Bundesbank told Reuters that it will hold on to the vast bulk of its gold reserves in the next 12 months, selling only enough bullion to mint coins.
In March 2004, 15 European central banks renewed a 1999 pact to limit their sales over a five-year period to 2,500 tonnes -- with annual sales limited to 500 tonnes -- up from 2,000 tonnes in the first agreement.