Close X Cookies are necessary for the proper functioning of 24hGold.com. By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
EnglishFrench
Gold & Silver Prices in

Gold Sales Under the Central Bank Gold Agreements

IMG Auteur
Published : February 15th, 2013
208 words - Reading time : less than a minute
( 0 vote, 0/5 ) , 1 commentary
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
1
comment
Our Newsletter...
Category : Central Banks

Whilst (as they say at the World Gold Council) waiting for the latest Gold Demand Trends report to come out yesterday, I took a quick trip through the historical data the WGC maintains and came across this chart that lends much needed context to the graphic from this item earlier today.

Importantly, note that the vast majority of 2010 and 2011 sales under CBGA3 (the third iteration of the Central Bank Gold Agreement) below were sales of the International Monetary Fund gold that the group had been itching to sell for many years. What little gold central banks have sold in recent years – about 18 tonnes by Germany, Greece, and Malta – went toward making gold coins.

24hGold - Gold Sales Under the...

Of course, the take-away here is that, prior to the financial crisis that marked the end of a multi-decade period of credit-fueled economic growth, the world’s central banks really did think that gold was irrelevant.

They no longer think that.

European banks have stopped selling as shown above, while emerging market central banks are now buying more per year than the Europeans used to sell – some 534 tonnes in 2012 – as countries like China and Russia understandably shift their reserves from Western paper money to something more enduring.

Data and Statistics for these countries : China | Germany | Greece | Malta | Russia | All
Gold and Silver Prices for these countries : China | Germany | Greece | Malta | Russia | All
<< Previous article
Rate : Average note :0 (0 vote)
>> Next article
Tim Iacono is the founder of Iacono Research, a subscription service providing market commentary and investment advisory services specializing in commodity based investing.
WebsiteSubscribe to his services
Comments closed
  All Favorites Best Rated  
Every European CB that sold gold had a buyer. Do we know where the gold went?

At a high level there is no separate politics and economics, but rather "political economics". He holds the gold ... .
Latest comment posted for this article
Every European CB that sold gold had a buyer. Do we know where the gold went? At a high level there is no separate politics and economics, but rather "political economics". He holds the gold ... .  Read more
overtheedge - 2/15/2013 at 7:42 PM GMT
Top articles
Latest Comments
Can a government surplus cause the economy to tank?
21:43gfs543
Your dissection is incisive, Steve. You weren't refuting just this one writer. You were beating up on popular Keynesian fallacies.
Can a government surplus cause the economy to tank?
17 AugDRGEORGE
Thank you very much for that Steve. But please just don't 'leave it there'. The author of that article apparently intends to expand on that bullshi...
Smoke and Fire
16 Augaccording0
some things happen without collusion do you think that the stupid little rats of blm and antifa dont get paid to help wreck our socie...
Smoke and Fire
16 Augaccording0
James. Even a believer has to leave Zoar before he starves to death. Kudos for having the fortitude to write this.
The Folly of Democratic Socialism
16 AugFalconflight
It this Amerika, I reference it as Krony Socialism.
Stock Market Correction Hasn’t Begun to Begin! It Will (And North K...
16 AugJ.
This bubble has been deemed TBTP (Too Big To Pop). Central banks have outright said in public that they will do "whatever it takes" to prevent it....
GM Tests Fleet of 46 Robocar Taxis in SF: Driverless Car Timeline P...
15 AugDRGEORGE
Correct, correct, correct. And insurance will indeed be the major driver to widespread adoption. But why do I get aggressive scepticism or blank lo...
Smoke and Fire
15 AugThe Recusant-1
Before relegating every demonstration, anti-Trump action, and political headline to some conspiratorial element of the left, you might want to just...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS