Official Sector Gold: Lower Sales Expected in First Half of 2008

Source:

Société Générale, in conjunction with independent research house GFMS Ltd., has released its review of Official Sector activity in the gold market in 2007, and the outlook for 2008. The publication projects that the gold sales in the first half of 2008 will be "in the low 200 tonnes" over the period.

Société Générale, in conjunction with independent research house GFMS Ltd., has released its review of Official Sector activity in the gold market in 2007, and the outlook for 2008. The publication, which covers a wide range of elements relating to the official sector, projects that the gold sales in the first half of 2008 will be "in the low 200 tonnes" over the period.

Sales for calendar 2007 are estimated at 488 tonnes (although the group does point out that this figure is subject to revision since there is often a lag between central bank activity in gold taking place and subsequently being identified). This 488-tonne figure is up by over 30% over the sales in 2006 (recorded in the GFMS gold Survey at 352 tonnes), but the study notes that the sales level in 2006 was unusually low and the 2007 figure is a reversion towards the 500-tonne per annum average of the past decade.

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