European Central Banks Averaging 7.5 Tonnes per Week in Gold Sales
Source: ResourceInvestor.com (10/30/07)
According to this week’s report by the European Central Bank (ECB), two Eurosystem central banks within the Central Bank Gold Agreement of 27 September 2004 decreased gold holdings and one purchased coins to represent sales of EUR 126 million (US$181.8 million) in the week ending 26 October 2007.
The monetary amount of sales was the same as last week and amounts to 7.4 tonnes. Thus far in the fourth agreement year, signatories have reported sales of 30.1 tonnes with weekly average of 7.5 tonnes. Last year, central banks sold 475.75 tonnes – 24.25 tonnes short of the annual sales quota.