Gold News

German central bank 'to keep gold reserves'

The Bundesbank, Germany's central bank, intends to hold onto a large part of its gold reserves, according to reports.

In news that may have a positive effect on gold prices, Reuters reports that bank president Axel Weber said it is likely to refrain from selling off most of its gold holdings under the central bank gold agreement (CBGA).

The bank is second only to the US in terms of gold reserves and last year announced its intention to sell no more than eight tons of the yellow metal in the fourth year of the CBGA. It held 3,417.4 tons of gold bullion at the end of 2007.

Earlier this year, precious metals consultancy GFMS said that it is likely there will be "a significant shortfall from the 500-ton CBGA limit" in the fourth year.

A drop in official sector gold sales could be good news for those interested in buying gold.

To Buy Gold today, avoiding wide spreads and storage costs - but still owning your physical Gold Bullion Investment outright with full legal title - be sure to visit BullionVault and claim a free gram of gold now...


See all articles by Gold Bug here.

Please Note: All articles published here are to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it. Please review our Terms & Conditions for accessing Gold News.

Follow Us

Facebook Youtube Twitter LinkedIn



Market Fundamentals