ECB will sell less than 400 t gold limit: CPM
Platt's Metals Week, 8 Nov 1999, p 1, 5, Mining Journal, 5 Nov 1999, p 364
The CPM Group MD, Jeffrey Christian, says that European central banks will sell far less gold than their self-imposed limit of 400 t/y, and that only the UK and Switzerland are likely to sell gold in the near future. CPM's Gold Survey 1999 estimates total gold sales in 1999 by central banks worldwide at 7.4 million oz, down 49.3% from the 14.6 million oz sold in 1998. The total supply of newly refined gold for 1999 is estimated at 105.6 million oz, up 1.15% from 1998. Mine production will rise 2.7% in 1999 to 68.6 million oz and is projected to rise a further 3.1% to 70.7 million oz in 2000. Total fabrication demand for gold will fall 2.7% to 101.14 million oz in 1999, and gold demand for use in jewellery will fall to 92.76 million oz from 95.42 million oz in 1998. Investment demand for gold has been sporadic throughout 1999. |
