The Germans are NOT selling gold"Germany’s central bank Bundesbank will hold on to gold reserves
For the present, the president of Germany’s Bundesbank said Tuesday the central bank will hold on to the majority of its gold reserves until bank officials meet in September."
FRANKFURT (Reuters) -
Germany's Bundesbank will probably hold on to the vast bulk of its gold reserves in the next year of the central bank gold agreement, beginning in September, central bank president Axel Weber said on Tuesday.
"We will take advice on the last year of the central bank gold agreement and the use of the options in September," Weber said at a Bundesbank event.
"It would surprise me if at this meeting in September there were fundamentally new developments. But I don't rule it out, we will decide in September." The Bundesbank, which is the second-largest holder of gold behind the U.S. Federal Reserve, announced in October it would sell a maximum of 8 tonnes of gold to the German finance ministry to mint coins in the fourth year of the deal.
Bundesbank holds 3,417.4 tonnes (at end Dec), worth more than $100 billion.
Smart move ........................ Cheers, SL