European Central Bank Is Almost Stop The Sale Of Gold

By Christina Xia

European central banks almost completely stopped the sale of its gold reserves, 10 years every year, large-scale disposal of countries emerging behavior of gold is no longer performed, and the resulting surge in gold prices and other issues will be some time in the future on global impact of more extensive.

Total gold sales fell in the eurozone

Gold surged to a record high

Euro-zone central banks and central banks of Sweden and Switzerland, is “the central bank gold sales agreement,” the contracting parties. It is reported that the first reason why the parties entered into CBGA, because gold miners protesting the behavior of gold sales by central banks lowered the price of gold. Signatory to the Agreement for the total amount of gold sold each year to set the upper limit. The statistics show that in the year ended CBGA 26 years, the contracting parties sold a total of 6.2 tons of gold, down 96%. This is the agreement signed in 1999 on sales of gold since the lowest point total, well below the 2004-2005 peak of 497 tons. Mid-Autumn Festival period, the international price of gold was over $ 1,300 / oz mark, to stimulate the domestic gold price strength. Yesterday, the Shanghai Gold main contract closed at 281.14 yuan 1012 / g, a record new high since listing.

London Bullion Market Association yesterday at its annual conference next year, gold prices could continue to climb, to September 2011 may exceed $ 1,400 will be / ounce.


The total decline in gold sales, while the financial crisis and Europe in the context of sovereign debt crisis, the European central banks are being re-evaluation of gold. 90’s of last century and the first 10 years of this century, the hands of central banks have sold gold does not generate revenue, instead buying a steady annual return on sovereign debt. But now, central banks and investors see is gold hedging properties.

This conceptual change has led to the disappearance of large-scale sales of gold operations, which in turn have a major impact on the gold price: First, that an important source of gold supply of withdrawal from the market, and that it provided a psychological support for the gold. On Friday, gold hit a record high of $ 1,300 an ounce.

Few countries next year, gold sales plan

Difficult to return to the high short-term gold sales

Director of precious metals sales at Barclays Capital, said Jonathan Paul Shih: “Now the situation is clearly different from the past, the mentality of people very different from previous.”

British “Financial Times”, a survey shows that in the new CBGA year, the European Central Bank gold sales total is unlikely to grow significantly.

Although many central banks refused to disclose details of its gold sales program, but some feedback from central banks and bankers and consultants on numerous interviews that the total gold sales unlikely to rise to the level of the past 10 years, in the past 10 years, CBGA signatories parties sold 388 tons of gold annually.

Sweden, Slovakia, Ireland and Slovenia, the central bank said they have no gold sales plan. Swiss central bank reiterated a previous release, the same scheme that the statement is not for sale.

About the Author: I am a professional editor from

Hardware Wholesale

, and my work is to promote a free online trade platform. contain a great deal of information about

titleist pro v1x


toshiba ac adaptor


general tso’s chicken

, welcome to visit!


Permanent Link:

Tags: No tags

Comments are closed.