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European Central Banks Sign Fourth Gold Agreement
Posted May 19th, 2014

TANGIBLE INVESTMENTS - Los Angeles - by James O'Dell - Gold gave back some of its early gains on Monday, after rallying above $1,305 an ounce, gold retreated to about the middle of the yellow metal's seven week range at $1,294.10 an ounce while silver traded flat at $19.36 an ounce as investors sought direction in the metals. "There are contradicting factors keeping the gold market in the current narrow trading range ... you have a softer dollar and political tensions like the Ukraine conflict on one side," said Commerzbank's Carsten Fritsch, and on the other side, lackluster investment in ETFs and reports of soft physical demand.
 
"Adding to gold's general sense of direction-less-ness was the ECB's announcement that the Central Bank Gold Agreement would be renewed ... but without any sales limit, there is not much purpose to it," said Macquarie's Matthew Turner. Twenty-one European central banks, including the ECB, signed a fourth Central Bank Gold Agreement (CBGA) to limit the sale of bullion but for the first time failed to place a cap on sales.
 
Joni Teves, of UBS AG, didn't seem to have a problem with no limit saying, “If you don’t have an intention to sell, why would you need a quota.” Teves then added that “The lack of an explicit quota introduces some uncertainty, but given the trend in central bank activity in recent years, it only becomes more of an issue if this trend shifts. And at this point, I don’t see that happening any time soon.”
 
Signatories to the CBGA agreed that gold will remain an important component of global monetary reserves.  The signatories each agreed that none of them has plans to sell a large portion of their holdings, while also agreeing to continue to coordinate their gold transactions to avoid market turmoil. The new CBGA is effective as of September 27, 2014, at the expiry of the current agreement, and will be reviewed in five years.
 
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