gold sales

opologies if posted before. however it seems these 'MUGS' have sold Gold into an uptrend (whenever) & the gold price has taken the sales appently in it's stride.

This does not auger well for the world economy down the track. I can see money being worth much less, the buying power has already been eroded so much it ain't funny, Just check the metal prices.

He/she who holds paper should wipe bum now, because tomorrow it will not do a cheek.

NEW YORK) Since 1999, European central banks have sold more than 1,594 tonnes of gold from their reserves even as the metal's price has soared more than 39 per cent.

What those central banks do next could determine where gold goes from here. On Tuesday, gold for February delivery rose to US$407 an ounce on the New York Mercantile Exchange's Comex, the highest level for a most-active contract since February 1996.

While investors have been buying gold lately to hedge against the risk of accelerating inflation, European central banks have been unloading the metal for years in order to diversify their reserves.

In 1999, 15 central banks - including those of Germany, the Netherlands, Switzerland and the UK - agreed to limit their combined annual sales to about 400 tonnes annually to avoid destabilising the market. That five-year agreement expires in September 2004.

Without a new gold agreement, the metal could slump on concern that central banks will flood the market. So far, the Swiss National Bank has been the biggest seller under the 1999 pact: It's sold 871 tonnes of gold, according to the World Gold Council. - Bloomberg