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Central Bank Gold Agreement - Sales in 2006
By: Julian D. W. Phillips, Gold/Silver Forecaster – Global Watch - GoldForecaster.com



-- Posted Friday, 29 December 2006 | Digg This ArticleDigg It! | Source: GoldSeek.com

Gold & Silver Forecaster - Global Watch  - 12th December 2006       

-     Below is a snippet from the latest weekly issue from www.GoldForecaster.com

                                                                           www.SilverForecaster.com

 

Central Bank Gold Agreement 2004-2009

 

Selling

Announced Sales

Year 1

Year 2

Year 3

Remaining

Signatories

2004-2009

Sales

Sales to Date

Sales to date

Balance

E.C.B.

235

47

57

23

131

Germany

0

5 [for coins]

4 [for coins]

 

-9

France

600

135

121

 

344

Netherlands

165

55

68

 

42

Portugal

200

55

25

 

120

Switzerland

130

130

0

 

0

Austria

90

15

12

 

63

Sweden

60

15

10

 

35

Spain

0

30

36

 

?

Belgium

0

30

0

 

?

Not Identified

 

?

60

71

?

Total

1480

517

393

94

471

Note:  This now includes the unannounced sales for both years from Spain & Belgium, which totaled 96.6 tonnes for the two years.  

                                                                                               

Latest sales under the C.B.G.A

The week ended the 22nd December saw one of the signatories of the Central Bank Gold Agreement sell and another BUY gold leaving a net sale of 2.7 tonnes of gold.

 

Yes, the holidays began at the end of last week even for the Central Banks, so what better time to throw the cat amongt the pigeons.   In the seemingly innocuous statement above it seems that we are seeing a change in policy by European Central Banks that we have been expecting should happen, but in these bureaucratic halls felt that the issue was too stacked against it happening without a public  drama.   If this is the case it has been announced without a whisper, simply as part of their weekly report.  The information is huge and in a nutshell is: -

 

 

 

 


We must be cautious here, still, because We don’t know how much was bought or why it was bought, so we cannot say for certain that there has been a major policy shift by one of the signatories.  However, so as not to minimize this event, it definitely shows that at least one of the signatories has approved and acted on an approval to purchase gold.   Consequently there does appear to have been  by one of the signatories of the Central Bank Gold Agreement, a major change of policy on gold in their reserves.

 

q       Could this be a signatory that has not sold previously and now wants to buy?   If so how much more will it buy?

q       Is this a signatory that has reversed its policy on selling and now wants to buy in the future?  

q       Perhaps this was a "housekeeping" purchase [but cannot see why it could be?] to tidy up the books, but this just doesn’t make sense.

q       This is an event that has not happened for almost three decades.  

q       It is deeply significant that a European Central Bank [not just one of the Arab or Asian banks] should actually buy.  

 

Maybe this is a ‘feeler’ purchase to see just how the market will react once they realize what has happened.   So far it appears that we are the frst to highlight this event.  Once it becomes generally known perhaps it will affect the gold price?

 

If it is a change of policy of just one European Central Bank, we believe it will affect the thinking of other global Central Bankers and cause them to re-visit the place of gold in the monetary system.  

 

If this is correct then the gold market could move firmly into center stage in 2007.   With so little gold around, the race to acquire it by Investors across the spectrum could be fast and furious taking the gold price to new heights.  

 

We will be developing these points in later issues of the Gold Forecaster.    

 

Slovenia’s joining the C.B.G.A.

We did not dwell on the standard statement issued when a new Central Bank joins the C.B.G.A. agreement, which reflects the initial position of all signatories to the agreement and that is,

 

Banka Slovenije has agreed not to expand its gold leasing and its use of gold futures and options over the period of the agreement”   

 

So as to absorb the full impact of this statement, we have to see that it strictly limits the activity of member Central Banks activity in the futures and options markets.   However, it does not prevent them from both selling and buying gold.   The agreement is only a limitation on the amounts to be sold and a restraint on future activity in the futures and options markets.

 

To read this week’s entire issue, please visit

 

                        www.goldforecaster.com            www.silverforecaster.com

 

Legal Notice / Disclaimer

This document is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. Gold Forecaster - Global Watch / Silver Forecaster / Julian D. W. Phillips / Peter Spina, have based this document on information obtained from sources it believes to be reliable but which it has not independently verified; Gold Forecaster - Global Watch / Silver Forecaster / Julian D. W. Phillips / Peter Spina make no guarantee, representation or warranty and accepts no responsibility or liability as to its accuracy or completeness. Expressions of opinion are those of Gold Forecaster - Global Watch / Silver Forecaster / Julian D. W. Phillips / Peter Spina only and are subject to change without notice. Gold Forecaster - Global Watch / Silver Forecaster / Julian D. W. Phillips / Peter Spina assume no warranty, liability or guarantee for the current relevance, correctness or completeness of any information provided within this Report and will not be held liable for the consequence of reliance upon any opinion or statement contained herein or any omission. Furthermore, we assume no liability for any direct or indirect loss or damage or, in particular, for lost profit, which you may incur as a result of the use and existence of the information, provided within this Report.

Disclosure
The owner, editor, writer and publisher and their associates are not responsible for errors or omissions. The author of this report is not a registered financial advisor. Readers should not view this material as offering investment related advice. Authors have taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond our control, no representation or guarantee is made that it is complete or accurate. The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action. Past results are not necessarily indicative of future results. Any statements non-factual in nature constitute only current opinions, which are subject to change. The information presented in stock reports are not a specific buy or sell recommendation and is presented solely for informational purposes only. The author/publisher may or may not have a position in the securities and/or options relating thereto, & may make purchases and/or sales of these securities relating thereto from time to time in the open market or otherwise outside of the trading timeframe listed above. Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein. Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.


-- Posted Friday, 29 December 2006 | Digg This Article




Contact us: www.goldforecaster.com

Or: gold-authenticmoney@iafrica.com







 



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