Why Have a Gold Sales Agreement if You’re Not Selling Gold?

As the ECB states…

“Since 1999 the global gold market has developed considerably in terms of maturity, liquidity and investor base. The gold price has increased around five-fold over the same period. The signatories have not sold significant amounts of gold for nearly a decade, and central banks and other official institutions in general have become net buyers of gold.”

As market matures central banks conclude that a formal gold agreement is no longer necessary

The tin foil hats might interpret this as a globally coordinated preparation to smash gold with limitless power. The cheerleaders would see it as gold to da moon, and I see it as an outmoded agreement in light of an established trend of central banks holding on to their gold. Just as the ECB states.

I just thought it was interesting, if nothing else.

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