http://www.arcticgoldfinger.com/2007/10/07/the-european-central-banks-gang-up-on-gold/ Biased Opinions on Gold from the North's Leading Expert (self-styled) Tue, 06 Jan 2009 03:12:04 +0000 http://wordpress.org/?v=2.2.2 http://www.arcticgoldfinger.com/2007/10/07/the-european-central-banks-gang-up-on-gold/#comment-91 The European Central Banks Gang Up on Gold Thu, 06 Mar 2008 14:42:14 +0000 http://www.arcticgoldfinger.com/2007/10/07/the-european-central-banks-gang-up-on-gold/#comment-91 [...] herb wrote an interesting post today onHere’s a quick excerptCentral Bank selling of gold did not end with Britain’s seemingly odd decision to jettison half of its gold reserve. There next came an agreement among a group of European Central Banks to do more of the same. The bizarre part was that this strategy was described in terms of “supporting” the price of gold. Since the European Central Banks were then, and are now, among the largest holders of gold (the United States being the largest) they definitely had the power to influence the price by selling or not selling. The idea that they were “supporting” the price of gold was based on the fact that they placed limits on the number of “tonnes” (metric tons, i.e. 1000 kilos) they would sell over the term of the agreement. The limit was 400 tonnes (later 500 tonnes) per year, which doesn’t make it seem like much of […] [...] […] herb wrote an interesting post today onHere’s a quick excerptCentral Bank selling of gold did not end with Britain’s seemingly odd decision to jettison half of its gold reserve. There next came an agreement among a group of European Central Banks to do more of the same. The bizarre part was that this strategy was described in terms of “supporting” the price of gold. Since the European Central Banks were then, and are now, among the largest holders of gold (the United States being the largest) they definitely had the power to influence the price by selling or not selling. The idea that they were “supporting” the price of gold was based on the fact that they placed limits on the number of “tonnes” (metric tons, i.e. 1000 kilos) they would sell over the term of the agreement. The limit was 400 tonnes (later 500 tonnes) per year, which doesn’t make it seem like much of […] […]

]]>