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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers
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From: John McCarthy1/30/2008 10:26:08 PM
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Official Gold Sales Expected to Fall in 2008

<snip>

<p>So what will 2008 bring?</p>
<p>In short, GFMS expects 2008 official gold sales to more resemble 2006 than 2007. Switzerland will keep going as indicated, as will France, most likely. Austria and Sweden will maintain small sales while Germany will remain on the sidelines. The Netherlands appears to have finished for now, and it is unlikely Spain will go again. A big contender is always Italy, given the extent of both its government debt and its gold reserves. But as gold sales would not make much of a dent in the debt, GFMS does not expect Italy to be a seller.</p>

<p>Outside of the CBGA, GFMS expects sales and purchases to largely net out. Purchases will probably occur as a result of some countries' desire to diversify out of US dollars, but shouldn't make a big impact. Gold leasing rates will remain low, as will hedging demand, at least for now.</p>

<p>There is a risk that if the gold price continues to fly, more opportunistic sales could emanate from the CBGA. However, at this point GFMS sees first half 2008 sales at around net 200 tonnes, which is less than the same time in 2007.</p>

<p>The way is thus clear. US$1000/oz here we come?</p>

fnarena.com
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