Germany sold 5 metric tons of gold under the third central bank gold agreement through September, the only seller in the program, according to data from the World Gold Council.
The European Central Bank and 18 other banks agreed in 2009 to sell no more than a combined 400 metric tons of the metal a year through September 2014. Each year is through Sept. 26.
Central banks sold 200 tons of gold under the agreement since September 2009, most of it by the International Monetary Fund, Macquarie Group Ltd. said in a report today. European central banks sold 19 tons, it said.
“This is in far contrast to the first two agreements, which saw nearly 4,000 tons sold in 10 years, and must call into question whether the agreement needs to be renewed in 2014,” Colin Hamilton, an analyst at Macquarie, said in the report.
© Copyright 2022 Bloomberg News. All rights reserved.