Bundesbank Agrees to Sell Gold
September 29, 2009 by goldguru · Leave a Comment
The Prudent Investor submits:
The German Bundesbank has announced it will sell a maximum of 6.5 tons of gold in the current fiscal year under the Central Bank Gold Sales Agreement (CBGSA).
Germany sits on a hoard of 3,408 tons, the second largest gold stash behind the USA.
The Bundesbank has always fiercely rejected all attempts by politicians to close budget gaps through selling gold. It is the first CBGSA member to publicly announce its intentions for the running year.
The small sale of 6.5 tons will be almost exclusive used by the German mint to produce collectors gold coins.
A few weeks ago the German government admitted that part of Germany’s gold hoard is on US soil, creating a minor tussle whether this is the right policy.
On a historical note France’s ex president Charles de Gaulle sent a warship to New York in 1971 to pick all of Frances’s gold holdings there and repatriate them to France.
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