Mish's Global Economic Trend Analysis Message Board

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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: Condor who wrote (67512)	8/13/2007 12:37:05 PM
From: The Vet	Read Replies (3) of 116555

When Central Banks sell gold. Who is the buyer? Good question... Does anyone have a response to it or to this one which puzzles me... Annual limit for gold sales under the Washington agreement between major central banks 500 tons. Total gold holdings of all gold ETFs accumulated over several years < 600 tons. Annual gold production ~ 2,200 tons Average DAILY turnover London Bullion Market 660 tons (June 2007 daily average)! lbma.org.uk Now can somebody please tell me why the Washington agreement limit of 500 tons a YEAR is anything more than a blip considering London apparently trades 660 tons a DAY!

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