Monday, 13th September 2004 (2550 views)

The governor of the Dutch central bank has revealed that it plans to sell 100 tonnes of gold under a new five-year gold sale agreement.

According to Reuters, the agreement comes into effect in September and will also see the bank sell 50 tonnes of the precious metal, which is left from the last agreement.

Governor Nout Wellink said: "There is an annual tonnage for all countries in the gold agreement, and we talk about it together how to sell it, so there is some flexibility there."

In addition Italy's central bank is also set to reveal their position soon, having not sold gold from its reserves since the fascist period.

The sale of gold by European central banks was first announced in March, whereby they agreed to sell 500 metric tonnes each year over the next five years.

 

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