European Central Banks Stay the Course on Gold Sales

Source: resourceinvestor.com  (10/23/07)

Thus far in the third agreement year, which started on September 27, Eurosystem signatories have reported sales of 22.7 tonnes. Weekly sales have averaged 7.5 tonnes in three weeks, in comparison with 6.7 tonnes per week last year.

In the week ending 19 October 2007, the European Central Bank (ECB) reported that two central banks within the Central Bank Gold Agreement of 27 September 2004 decreased gold holdings in the amount of EUR 126 million (US$179.4 million), representing sales of about 7.3 tonnes.

Thus far in the third agreement year, which started on September 27, Eurosystem signatories have reported sales of 22.7 tonnes. Weekly sales have averaged 7.5 tonnes in three weeks, in comparison with 6.7 tonnes per week last year.

According to the Bank of International Settlements, central banks sold 475.75 tonnes in the third year of the agreement ending 26 September 2007. This follows about 396 tonnes in the second agreement year.

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