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Coin Collecting NewsGermany Plans No Gold Sales in 2008-2009
Germany’s Bundesbank indicated on Tuesday it will continue to horde its vast gold reserves in the next year of the Central Bank Gold Agreement (CBGA), the fifth agreement year beginning in September. The decision was widely anticipated, but could prove to support gold sentiment in the market in the longer term.
Bundesbank is the second-largest holder of gold behind the U.S. Federal Reserve and owns about 3,417.4 tonnes of gold worth more than $100 billion. The bank has sold no substantial amounts of gold since the enactment of this Central Bank Gold Agreement, which limits sales to 500 tonnes per year.
The Bundesbank can sell 120 tonnes of gold a year but continues to pass its quota to other institutions. In October 2007, the bank said it would only sell 8 tonnes of gold to the German finance ministry to mint coins in the fourth year of the deal.
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