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Bundesbank won't sell gold in first year of new sales agreement
By Krista Hughes
Reuters
via Interactive Investor
Friday, September 25, 2009
http://www.iii.co.uk/news/?type=afxnews&articleid=7542916&subject=econom...
FRANKFURT, Germany -- Germany's Bundesbank will refrain from big gold sales in the first year of a new central bank gold sales agreement, it said on Friday.
The Bundesbank will sell only 6.5 tonnes of the precious metal to the German Finance Ministry, as earlier agreed, and not make further use of its sales options this year, the Bundesbank said in response to a query from Reuters.
"The remaining selling rights will be offered to the other central banks participating in the Gold Agreement in exchange for future selling rights, or to the IMF (International Monetary Fund)," the Bundesbank said, citing a board decision on Tuesday.
The Bundesbank is the world's second-biggest holder of gold.
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