Central banks have become net buyers. The Bundesbank itself does not sell more small quantities of gold per year to the Ministry of Finance. The ministry uses the precious metal to mark commemorative coins. – Put in place a preconceived plan that would officially explain the sales already made and the sloppy gold loans As is ironic, given the motivations and real contexts of the CBGA explained above. And more transparency? The fact is that none of the central bank`s alleged sales have been subject to any transparency, for example. B with respect to the trading venue used, the broker-exporter, the identity of the counterparty, the transaction date, the settlement date (or deferred settlement date), the method of sale, information on the actual transfer of precious metals, the publication of weight lists and other terms of sale. And surprisingly, imf gold sales remain secret in the market. Here too, one can see the high-level international coordination of central bank gold transactions between the European cartel and the IMF and the BIS, with the Washington Agreement (CBGA1) having been announced at the IMF`s annual meeting and the IMF itself reappearing in CBGA3, as well as the BIS used to reward sales and cross-check gold loans. A lot of international coordination for a pet rock, wouldn`t you say? The agreement was renewed for a further period of five years in 2004.

The list of signatories remained virtually unchanged: the Bank of England withdrew its support while the Bank of Greece joined the club. The annual sales rate was increased to 500 tonnes due to a slight overshoot of the current level. whether the CBGA agreements could be a “hidden mechanism within sight” to use the Western Central Bank`s (G10) gold stocks as partial payments in Saudi “Gold for Oil” transactions; Central banks are committed to being stable market managers, especially when it comes to their own investment behaviour. The sharp and brutal fluctuations in the price of gold before the first CBGA show what a no-deal world could look like. The agreements have given the gold market the transparency they desperately need and the commitment of global central banks not to participate in large-scale unregulated gold sales. . . .