Gold “Important” And No Plan To Sell Significant Quantity Of – ECB

Monday, May 19, 2014
By Paul Martin

Gold Core
Monday, 19 May 2014

Gold “Important” And ECB No Plan To Sell Significant Quantity Of Gold
The ECB, the Swiss National Bank (SNB) and the Riksbank of Sweden announced a new gold agreement this morning. They announced they have no plans to sell significant quantities of gold and reaffirmed the importance of gold bullion as a monetary reserve.

Twenty one central banks including the ECB, the central banks of the euro area (Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, Spain), the SNB and the Riksbank announced the fourth gold agreement between the central banks for the next 5 years.

In a joint statement, the central banks confirmed their intentions with regard to their gold holdings and the participants in the gold agreement made the following declaration:

– Gold remains an important element of global monetary reserves.

– The participants in the gold agreement will continue to coordinate their gold transactions so
as to avoid market disturbances.

– The participants currently have no plans to sell any substantial quantities of gold.

The press release from the SNB can be read here.

The agreement, which applies as of 27 September 2014, following the expiry of the current
agreement, will be reviewed in five years’ time. The first gold agreement was concluded in
1999 in order to coordinate planned gold sales by the different central banks. The
agreement was extended in 2004 and 2009.

The Rest…HERE

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