July Central Bank Gold Sales Total 67 Tonnes as Swiss Climb in

Source:

Switzerland announced recently that it planned to sell 250 tonnes of gold by the end of the 2009 sales period, but the level of sales in July exceeded expectations.

Amidst reports today that the Swiss Central Bank sold no less than 34.1 tonnes of gold during the month of July - and Mineweb's earlier report of the Spanish Central Bank selling 25 tonnes, it is apparent from Central Bank Gold Agreement figures that Agreement signatories sold a total of 67 tonnes of gold during July, with the other 8 tonnes arising from smaller sales by other unspecified Central Banks.

Switzerland announced recently that it planned to sell 250 tonnes of gold by the end of the 2009 sales period, but the level of sales in July exceeded expectations. If it carries on selling at this rate, the Swiss Central Bank will have offloaded its 250 tons by the end of January next year!...

...with Spain continuing to be a relatively heavy seller, and the Swiss just starting their sales programme, it is possible that fairly close to the full 500 tonnes could be released in this Agreement year.

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