The more gold Dutch central bank sold, the higher the price went


From Dow Jones Newswires
Tuesday, March 20, 2007

AMSTERDAM -- The Dutch central bank, DNB, sold 54 metric tons of gold in 2006, it said in a press release Tuesday.

Its gold supplies therefore stood at 640 tons at the end of December 2006.

The Netherlands' gold reserves are now worth around EUR10 billion, according to the DNB. Because of the steep rise of the price of gold over the past two years the value of the DNB's gold reserves has increased while the volume has decreased, DNB said.

The Dutch central bank has been selling gold since the early 1990s. DNB can sell up to 165 tons of gold between 2005 and 2009.

In 2005 and 2006 combined, the DNB sold 136.5 tons of gold.

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