Relevant:
- European central banks cut sales of gold
- GATA-Whether it's up or down, central banks are manipulating markets in secret (But these days, mostly down)
- Latest ECB gold sales agreement raises questions
- Central bank gold sales equaled return of leased gold
- Washington Agreement is another gold rig, former Fed and Treasury official admits
2019-07-28 — ecb.europa.eu
The first CBGA was signed in 1999 to coordinate the planned gold sales by the various central banks. When it was introduced, the Agreement contributed to balanced conditions in the gold market by providing transparency regarding the intentions of the signatories. It was renewed three times in 2004, 2009 and 2014, gradually moving towards less stringent terms.
Since 1999 the global gold market has developed considerably in terms of maturity, liquidity and investor base. The gold price has increased around five-fold over the same period. The signatories have not sold significant amounts of gold for nearly a decade, and central banks and other official institutions in general have become net buyers of gold.
The signatories confirm that gold remains an important element of global monetary reserves, as it continues to provide asset diversification benefits and none of them currently has plans to sell significant amounts of gold.
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