WEALTH When Europe’s central banks told the gold market five years ago that they would renew their pact to cap their bullion sales, the sector breathed a sigh of relief. Today, gold prices are double their 2004 level and central bank sales far smaller, but the market is still hoping that the Central Bank Gold Agreement will be renewed again.
The current CBGA, which caps sales at 500 tonnes a year, expires in late September, but the banks have in the past announced the terms of a new agreement in March and there is an expectation in the market that a statement could come soon.
