• 709 days Will The ECB Continue To Hike Rates?
  • 709 days Forbes: Aramco Remains Largest Company In The Middle East
  • 711 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,110 days Could Crypto Overtake Traditional Investment?
  • 1,115 days Americans Still Quitting Jobs At Record Pace
  • 1,117 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,120 days Is The Dollar Too Strong?
  • 1,121 days Big Tech Disappoints Investors on Earnings Calls
  • 1,121 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,123 days China Is Quietly Trying To Distance Itself From Russia
  • 1,123 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,127 days Crypto Investors Won Big In 2021
  • 1,128 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,128 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,131 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,131 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,134 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,135 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,135 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,137 days Are NFTs About To Take Over Gaming?
The Problem With Modern Monetary Theory

The Problem With Modern Monetary Theory

Modern monetary theory has been…

Zombie Foreclosures On The Rise In The U.S.

Zombie Foreclosures On The Rise In The U.S.

During the quarter there were…

Billionaires Are Pushing Art To New Limits

Billionaires Are Pushing Art To New Limits

Welcome to Art Basel: The…

  1. Home
  2. Markets
  3. Other

Prospective German Sales of Gold

Speculation surrounding the future sales of gold by the leading Central Bank holders of Gold, received clarity today.

Within the auspices of the Central Bank Gold Agreement, the gold market has been speculating on the review and renewal of the "Washington Agreement". The market felt that the leading holders of gold want to sell their gold holding, but it became clear that the bulk of these sales would have to come from the leading Central Bank signatories to the Washington Agreement, Germany, France and Italy. The most talked about vocal of these three has been Germany, leading the market to believe they would be significant sellers.

Today, Thursday 4th September, Finance Minister Hans Eichel clarified Germany's position regarding sales of its own gold. He said that he would envisage the sale of only small quantities of gold by the Bundesbank if a new international agreement on gold sales is reached.

"The gold market is sensitive and if the Bundesbank takes part in a new gold agreement, they can only enter the market in small amounts," he said.

This is good news for the gold market whilst tacitly indicating that the other two, with a greater propensity to holding gold in their reserves, will not be significant sellers, if at all, of their own gold holdings.

With only minor Central Banks still indicating they would be sellers of gold, the market will have to get used to the idea of greatly diminished gold supplies emanating from the "Official" sources.

Additionally, his statements have encouraged the market to believe there will be a renewal of the Central Bank Gold Agreement.

These statements will be discussed further in the latest Issue of Gold-Authentic Money's Newsletter and in the "Gold - The Weekly Perspective" produced later today.

Back to homepage

Leave a comment

Leave a comment