GOLD 0.51% $1,391.7 gold futures

euro gold sales looking good for gold bugs

  1. 2,063 Posts.
    The Signatories of the European Central Bank Gold Agreement have reported Gold Sales of 170 tonnes of gold in the 4 months up to the end of January. Reading between the lines, In the remainder of the year the unsustainable level of sales will have to drop to 110 tonnes per quarter in order to keep sales below the agreed 500 tonnes p/a. Further the 170 tonnes sold in this first quarter was useless in containing the price of Gold as the sales were designed, and we witnessed Gold rise $200 over the same period from $750 to $950- thats roughly 25%!

    it seems the only other thing left they can do to try and keep a lid on the gold price is sell (or threaten to sell as they have previously) the only other gold they have left under the control of the IMF. Silver...they can do nothing about restraining its price!!
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