Resource Investor: Central banks quicken pace of gold sales

Section:

By Jon A. Nones
Resource Investor
Thursday, September 20, 2006

ST. LOUIS -- The European Central Bank reported yesterday that three central banks in the European Gold Agreement (EGA) decreased holdings by EUR 499 million ($633 million) in the week ending September 15. At today's gold prices, this totals 33 tonnes and puts Septembers gold sales at 40 tonnes so far.

"It's becoming clear that my suspicion of central bank selling is indeed a major factor behind the recent gold decline," said Peter Grandich, editor of The Grandich Letter in a note today.

.... For the full story:

http://www.resourceinvestor.com/pebble.asp?relid=24013

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