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 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...

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
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
The Revisionist Theory and Histo...
05 Febovertheedge
"The key is in the hand of the U.S. government. It is the same key that was used to lockthe U.S. Mint to silver in 1873, and to gold sixty years la...
First Report since April, 2014
05 FebS W.
Here I was just 2 days ago thinking whatever happened to that evangelical silver guy. Low and behold up he springs, like some spirit from the g...
LBMA Silver “Price”: A Perfect S...
03 FebS W.
There is no doubt that the Comex can be used as a casino for those who want to trade Silver up/or down or maybe some just wish to take a small punt...
LBMA Silver “Price”: A Perfect S...
30 JanOzSILV1
Bron refuses to EVER admit this market is a Casino and the disconnect between Paper and Physical is a big clue to this
LBMA Silver “Price”: A Perfect S...
30 JanS W.
Usually I enjoy Bron's take on things,but to be perfectly honest, I can't understand 95% of what he his on about here. I get the feeling that h...
ANOTHER NAIL IN THE U.S. EMPIRE ...
30 JanDemosthenes0
Very naive and pretentious article! The author thinks he knows everything and yet knows next to nothing. Shale gas producers are neither stupid n...
LBMA Silver “Price”: A Perfect S...
30 JanOzSILV1
I'd say that this was More than a Farce , 5,000 silver futures contracts within a minute or two !!!!! ( some charts indicate NO increase in Vo...
LBMA Silver “Price”: A Perfect S...
29 JanJ T.
"Criminal" is not the same as "stupid"...and it's not a farce when it is intentional. The only Farce has to do with the criminals in positions of ...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS
Mining Company News
Lara Expl.(Cu-Zn-Au)LRA.V
Revised Resource Estimate Report Filed for Maravaia Copper Gold Deposit
CA$ 0.34+1.47%Trend Power :
Corporate news
Black HillsBKH
Black Hills reports 4Q loss
US$ 50.90-0.59%Trend Power :
Corporate news
Kinder Morgan(Oil)KMP
Midstream Companies Were above the 20-Day Moving Averages
US$ 102.03+1.98%Trend Power :
Corporate news
Kinder Morgan(Oil)KMP
Midstream Companies Were above the 20-Day Moving Averages
US$ 102.03+1.98%Trend Power :
Corporate news
Devon Energy(Ngas-Oil)DVN
Gasoline Inventories Rose Last Week despite Fall in Production
US$ 24.85-6.44%Trend Power :
Corporate news
United States Steel(Fe-Sn)X
U.S. Steel (X) States Ratification of Labor Agreements
US$ 7.94-3.64%Trend Power :
Corporate news
Black HillsBKH
4:34 pm Black Hills Corp beats by $0.04, misses on revs; guides FY16 EPS below consensus
US$ 50.90-0.59%Trend Power :
Corporate news
Black HillsBKH
Black Hills Corp. Reports 2015 Fourth Quarter and Full Year Results
US$ 50.90-0.59%Trend Power :
Corporate news
Transcanada PipelinesTRP.TO
TransCanada to Sign Substantial Agreement to Benefit Québec Economy
CA$ 48.65+0.16%Trend Power :
Corporate news
Devon Energy(Ngas-Oil)DVN
4Q15 Crude Oil Prices: Fallout for the Energy Sector and SPY
US$ 24.85-6.44%Trend Power :
Corporate news
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 ... .