Very interesting developments in the precious metals markets. According to news sources: "Europe’s central banks have all but halted sales of their gold reserves, ending a run of large disposals each year for more than a decade." To me this is somewhat of a shocking development as gold is close to a record high.
Just the announcement of "halting gold sales" may prove to have a psychological impact as it may cause a rush to the metal thereby driving up prices. This is a pretty hefty development and we will keep an eye on the charts over the next couple of days to see how this truly plays out. Interesting times indeed if you are precious metals investor.
-Blogging4Bullion
Sources:
CNBC
Financial Times - Europe's Central Banks to Hault Gold Sales (registration required.)
Kitco Charts
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