The weekly ECB statement of condition indicates a drop of E58Mm in "gold and gold receivables" (2.71 tonnes). This is said to be the result of a sale by one captive CB and "the purchase of gold by another Eurosystem central bank." Several times in recent months the ECB has used this phrase, interspersed with reporting purchases of or for coins. While it appears a European CB has started a modest sales program, it also looks as if one has an (even more modest) FX reserve purchase program underway.
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