Gold News

Eurosystem bank 'offloads 1.8 tons gold'

Sales of around 1.8 tons of gold look to have been carried out by one Eurosystem central bank in the week ending December 14th, with central bank gold sales still remaining cagey.

The European Central Bank (ECB) claimed that a drop of €32 million ($46 million) in gold and gold receivables was the mark of sales by one Eurosystem central bank who was a member of the Central Bank Gold Agreement.

Over the last month, central banks have reported just 6.7 tons of gold sales, which is a large drop from the 17.2 tons sold in the previous month and raises questions of why central banks are holding back.

Total reported sales of gold by central banks amounted to only 54.1 tons over the entire fourth agreement year, perhaps reflecting an unwillingness to part with the precious metal as many investors buy gold and prices threaten to rise ever higher.

But despite unusually low claimed gold sales, central bank offloads of the metal could be even lower than though this week, with the ECB previously announcing sales of 42 tons but this figure yet to be included in weekly statements.

The ECB claimed that weekly Eurosystem foreign currency holdings decreased by €0.1 billion to hit €142.1 billion, due to customer and portfolio transactions.

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