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
State of Failure
11 AprThe Recusant1
My, my...James's article almost sounds as if Trump himself might have gassed the people as a deflection and not Syria at all! Why...why...that's co...
State of Failure
09 AprGypsy
The STOCK MARKET trend has been DOWN. In fact, the word after Friday's Crash was "Standby for Monday." In a Moment of Severe Stress, the so-calle...
Flat-Earther FINALLY Launches Himself Into The Air, Crashes, Goes T...
05 Aprsirqitous
Seen realistically, however, this was money well spent for TPTB, even if they never get that loan repaid! As free advertising for the MSM cover st...
Flat-Earther FINALLY Launches Himself Into The Air, Crashes, Goes T...
03 Aprprljr
The really really really really unfortunate thing is that there are people and i use that word "people" lightly, are for no other explanation that ...
Flat-Earther FINALLY Launches Himself Into The Air, Crashes, Goes T...
28 Marprblmsolved
The really unfortunate thing about this story; For that kind of money he probably could have hired someone with access to a modern performance ...
East Continues Stacking Gold While The West Stacks Paper Illusions
24 Marprljr
If a countries cartel owned private Central Bank acquires the Gold with cartels bank money for the country it supposedly represents who actually ow...
Russia Did It!
23 Marprljr3
I have not trusted whatever the US government has reported,said,demanded since 911. The government ignored the laws of physics in explaining pretty...
Russia Did It!
23 Markevthorne4
One of the most sensible, level-headed articles I've read on this subject for a long time.
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS