Bundesbank limiting gold sales to 8 tonnes out of 120 allowed in pact

Dec 20, 2004 | 11:42 AM |

Germany's Bundesbank, the largest holder of gold in Europe, will sell only 8 tonnes of gold in the first year of a new five-year Central Bank Gold Agreement, which came into effect Sept. 24.

The Bundesbank statement said there would be no further sales as part of the annual quota in the agreement, and the remaining option under the first year of the pact can be taken over by the other 14 European central banks that signed the agreement.....

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