Replies to post #15590 on Mostly: Classical

[basserdan]

From LeMetropole Cafe...

"Last week three "Eurosystem Central Banks" sold E205Mm of gold, 13.2 tonnes at the new book value. Presumably, like last year, this does not include the 57 tonnes of metal held by the ECB itself announced as being sold last Friday. Last year the similar big ECB transaction did not show up in the consolidated statement until May.

This is the largest ECB member sale reported since December, and the first this year to exceed the WAG2 "run rate" of 9.6 tonnes. Taken with last week’s announcement, (which did not specify the exact timing) this week’s news raises the possibility that certain CBs have reverted to a more active selling campaign.

This gives an ominous ring the remarks by two bullion dealer/commentators, that yesterday’s rally attempt attracted "aggressive" dealer selling at the highs. NY traded 56,512 contracts, with open interest rising only 318 lots, for a $1.90 rise in the price.{/i]