Pirocco, thanks for your research, however I think your analysis on coin sales doesn't match the reality of 1999. Not weird at all. There was also a massive Y2K surge in demand for guns and ammunition by Americans. Maybe you haven't seen some of the craziness in the US stirred up by extreme right wing media and Christian fundamentalists. There was allot of money made. How does that explain specifically the surge in coin sales? Why would banks suddenly start using coins rather than bars for their reserves? Here's a CNN story from 1999:
The topic how central banks trade as to control the price as to inflict speculators fewer ounces and fewer dollars. How they ship or relabel the traded gold bars, is more of a practical question in case one wants to help them carry or relabel. Good luck with the sollicitation though.
Thanks for your comment SilverPete, however why do you react alike I said that banks started to buy coins instead of bars? Speculators started to buy US Mints gold coins, misleading by the Washington Agreement, and sold them again after they found out the not-legal so not-binding Gentlemens Agreement was a scam, and central banks increasing their gold sales instead, even to beyond their Gentlemen Agreements limit. For what a limit that is chosen high enough to suffice the targeted job, matters. What are your thoughts about a central banks agreement to limit sales to 400 tonnes, when they BUY 400 tonnes instead?
CGBA3 (2009) was an agreement between the next banks: Coincidently that sit at the end / begin of a typical 3 months price fluctuation period. What causes this 3 months period anyway? Is it the wholesale dealers that replenish their stock around the same time from bullion banks , both locking/fixing in (by hedging along futures) the agreed price? Making customers pay a double rate driven up price, while they gradually decrease their amount positions with their stocks dropping, until they are sold out, and a new chunk has to be ordered? So expect some hype over a month. From OMG CGBA4 another 5 years Limited Sales, the price is going to Da Moon! to OMG no CGBA4 no Limited Sales, the price is going to Zero! Central banks will have purchased about 1800 tonnes during the CBGA3 years. So their stock is now that much bigger. They can now nicely and gradually sell that 1800 tonnes again, to have their stock just back to where it was in 2009. And they like to sell low. Hey, maybe that's just because their (and their buddies/institutionals) sales are big enough to bring the low, just like they were big enough to bring the high? Remember that rather big 2013 gold tonnes sales change in the Worlds Gold Council figures? Early this year, the WGC had 368.6 tonnes purchased, while the latest report showed 409.3 tonnes. So that must have been such an after event announcement. CGBA1 central banks: sterreichische Nationalbank Banca d'Italia Banque de France Banco de Portugal Schweizerische Nationalbank Banque Nationale de Belgique Banque Centrale du Luxembourg Deutsche Bundesbank Banco de Espaa Suomen Pankki De Nederlandsche Bank Central Bank of Ireland Sveriges Riksbank European Central Bank The Bank of England left the agreement at the start of CBGA 2 in 2004 The IMF, nor other banks, were ever part of the agreement. All the participating banks were Euro members. The entire agreement was and stayed Euro. Despite it's being named the Washington Agreement, and it was held at the IMF, with the US Federal Reserve and Treasury Bosses present. Funny People Organizing Other Funny Peoples Business While Staying Out of It.
See posts 8 10 15 19. Figures don't support that explanation. The Washington Agreement, the resulting CGBA's, and the "limit" being discovered as high as a maximum so far, does. People thinking that central banks that say that they would limit their gold sales, would sell less gold annually, to then afterwards discover that they sold the same, and even more.
And to give an update on that 2013 figure, early this year (2015Q1 report) they updated it again. 2014Q2 updated it from 386.6 to 409.3 tonnes. 2015Q1 updated it from 409.3 to 625.5 tonnes. The Washington Agreement on Gold was not just perceived as putting a cap, but as a sales drop, some people thought gold price is gonna explode, they loaded up gold coins, to then discover in the subsequent couple years that that "cap" was as big as the govt sales were before, and even bigger instead, resulting in the blowup of the 'gold is going to da moon' thought, resulting in gold coin sales figure collapsing into the void. Start to end of this part of the story: govts misleaded about limiting their gold sales, resulting in speculators loading up record amounts gold coins, its price effect then was sold away by governments, as their sales figures over those years proves.
@Pirocco, It seems that from this news: http://www.bloomberg.com/news/artic...rged-over-paschi-accounts-as-legal-hits-mount The world oldest bank and the Number 1 bank in Germany has been doing some dodgy deals.
