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European Banks to Stop Selling Gold

ProofCollectionProofCollection Posts: 6,246 ✭✭✭✭✭
in Precious Metals
Heard on the radio, a story off of the PR wire...

The German central bank announced that they are going to stop selling gold.

As you all know, European central banks have been selling tons of gold each year. It appears that that trend is coming to an end and now I'm expecting that prices can really start to soar now that bulk sellers are going to stop flooding the market.

A lot of speculation exists that the current low prices in gold are a result of domestic banks liquidating holdings to raise capital.

The future for gold sure looks bright!

Comments

  • 57loaded57loaded Posts: 4,967 ✭✭✭
    is this the CBGA or a disagreement between Bundesbank and the Finance Ministry on what to do next?
  • rgCoinGuyrgCoinGuy Posts: 7,478 ✭
    Sounds to me like someone digging up old news to try to stir things up.


    March 11th 2008 announcement
    imageQuid pro quo. Yes or no?
  • ProofCollectionProofCollection Posts: 6,246 ✭✭✭✭✭
    Not old news. Here's a link: Link
  • 57loaded57loaded Posts: 4,967 ✭✭✭
    thanks for the link

    they have always been frugal with their gold, now more so, it would seem.

    you may want to clarify the topic form "European" to "Bundesbank", IMHO
  • rgCoinGuyrgCoinGuy Posts: 7,478 ✭
    Ah, new fiscal year, thanks for the link!
    imageQuid pro quo. Yes or no?
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    It's about time for the quarterly "threat" by the IMF to sell "their" 400 tons of gold. image

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • mrearlygoldmrearlygold Posts: 17,858 ✭✭✭


    << <i>It's about time for the quarterly "threat" by the IMF to sell "their" 400 tons of gold. image

    roadrunner >>




    image

    Coin's for sale/trade.


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    US Rare Coin Investments
    800-624-1870

  • TexastTexast Posts: 1,899 ✭✭✭✭
    With Europe joining in on the world wide depression, and the increasing discourse between european nations over the use of the euro I can see a lot of gold and silver being picked up in place of euro's, if you have noticed the U.S. Dollar has not been geting that much stronger but the euro has dropped from recent high's.

    If this continues I could se some countries such as Germany going back to issuing their own currency. I do not see them letting the poorer nations in europe drag them down.

    If they do this they will be picking up all the gold they can get their hands on.



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  • ProofCollectionProofCollection Posts: 6,246 ✭✭✭✭✭
    Very good point. Isn't the Euro partically backed by gold or is it 100% fiat?
  • 57loaded57loaded Posts: 4,967 ✭✭✭


    << <i>Very good point. Isn't the Euro partically backed by gold or is it 100% fiat? >>




    it's a national currency of participating countries in Europe....Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, The Netherlands, Portugal and Spain

    no major country that i know of size is on any gold based/backed currency
  • CaptHenwayCaptHenway Posts: 32,227 ✭✭✭✭✭


    << <i>thanks for the link

    they have always been frugal with their gold, now more so, it would seem.

    you may want to clarify the topic form "European" to "Bundesbank", IMHO >>



    Yes, please correct the title of the thread.
    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
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