vente or des banques centrales européennes/ exercice sept 2006-sept 2007

ventes d'or des banques centrales européennes, signataires du WAG - washington agreement, le bilan pour l'exercice septembre 2006-septembre 2007

2eme année de reconduction du 1er WAG signé en 1999 pour 5 ans / wag2-2ème année

**************************

les ventes or des banques centrales RALENTISSENT et ça va continuer !
pendant ce temps la, la banque centrale de Russie fait son shopping..

From Neal Ryan at the Blanchard Economic Research Unit
DATE: December 19, 2006Central Bank buying and selling activity over the past quarter has been updated as of today by the IMF.
We've seen continued selling, albeit quite slowed from previous years, from European Central Banks who are looking to diversify their reserve holdings away from being so heavily weighted in gold. France, Spain and Portugal are the leading sellers over the past few months. The interesting part to focus on for the selling banks is that the selling totals have continued to slow and the sellers are running out of gold they will part with at these price levels. Spain, Portugal and France have sold off nearly 530 tonnes of gold in the last three years. They can't keep selling at this rate much longer.
On the positive side, Russian gold reserves have gone up nearly 10 tonnes over the same period. As the old saying goes, "they're putting their money where their mouth is" and the Russians have begun to increase their reserve exposure to gold since stating publicly earlier this year that they would double their reserves exposure from 5% to 10% of their total holdings.
Remember too that generally these buy/sell figures are also reported on a 3-9 month lag, with the exception of ECB captive banks, who report on time sales according to ECB regulations. So there could be additional information on buyers out in the market that still has yet to surface on official bank tallies.
Sales are continuing to slow. The central bank buying we've been waiting on is beginning to emerge in the market. This will significantly impact the supply/demand equation in the market to the benefit of rising prices in the future.

à propos des ventes or du systéme BCE justement, les chiffres relevés sur BCE site sont souvent mal interprétes ..
ce ne sont pas 27 tonnes d'or qui ont été vendues en 1 seule semaine .. mais depuis la derniere annonce au 1er décembre !

la BCE a un systeme d'annonce tres particulier .. ;-))



sans compter que certains confondent encore les chiffres de stocks, de réserves ou de vente d'or, publiés sur le site de la BCE, avec les seules statistiques sur l'or de la BCE, alors qu'il s'agit bien de statistiques globales,concernant l'or et pour l'ensemble des banques centrales, faisant partie de l'eurosystème .

bref voici les chiffres REELS , source MIDAS

The weekly ECB statistics revealed two "Eorosystem Central Banks" sold a total of E405 Mm of gold, 26.83 tonnes at the current book value. Of this, 23 tonnes is almost certainly the amount announced by the ECB on December 1st as being sold for their own account. Why they announce first and run it through the books later is a mystery. On that basis, the remaining 3.83 tonnes is lower than the 4.64 tonnes announced last week and far below the notional WAG2 weekly run rate of 9.6 tonnes.

donc cette semaine 3.83 T et la sem derniere 4.64T et non pas 27 T en 15 jours, ou une semaine ,comme dit par certains
27t depuis le 1er décembre .. ce n'est pas du tout pareil ..

on est loin du quota hebdomadaire WAG2 de 9.6 T ..

tout cela confirme bien le ralentissement observé plus haut ..

rappelons également que le président de la BUBA Axel Weber a déclaré fin sept 2006 ne plus vouloir préter son or ..
ceux qui cherchent à emprunter de l'or sont donc dans le souci .. aucune raison de paniquer ... au contraire !


donc
-d'un coté les réserves or des BC baissent et elles ne vont pas pouvoir continuer à vendre or à ce rythme ..
-de l'autre la Demande or EST Orientale .. se fait de plus en plus présente ...

-et enfin la production d'or DIMINUE ...
l'équation se précise .... et elle est clairement en notre faveur !

pour mémo, apres l'australie et l'af du sud , c'est au tour du Pérou ,le 5eme producteur mondial d'or d'annoncer une baisse de production
________________


Peru Gold Output in September Fell Most in 19 Months
2006-12-19 18:10 (New York)

Dec. 19 (Bloomberg) -- Peru's gold production in September tumbled 9.5 percent, the most in 19 months, led by a plunge at Newmont Gold Corp.'s Yanacocha mine, the country's biggest source of the precious metal.
Output fell to 16,437 kilograms from a year earlier, including a 40 percent drop at Yanacocha, because of declining ore grades, the Energy and Mines Ministry said today in a
statement on its Web site. Copper output rose 1.4 percent to 85,074 tons, including gains at Antamina and Xstrata Plc's Tintaya mine, the ministry said.

Peru, the world's fourth-largest copper producer and fifth- biggest in gold, is counting on $12 billion in mining exports to drive economic expansion of 7 percent this year. The Andean country has benefited from a 50 percent gain in copper prices from a year ago and a 24 percent rally in gold.

``Everyone keeps exploring, so we hope there will be more discoveries,'' Oscar Gonzalez Rocha, chief executive office of Southern Copper Corp., the world's fifth-largest copper producer, told reporters in Lima today. ``But all these projects aren't going to increase output until 2009.''

ventes or des banques centrales européennes /Washington agreement 2006/2007

le point au 29 déc 2006


http://news.goldseek.com/GoldForecaster/1167454800.php



"curieusement" une des banques centrales de l'eurosytéme a acheté de l'or la semaine se terminant le 22 déc .. mais comme le solde ventes or reste positif .. on ne sait pas combien .. et surtout qui a acheté de l'or ..
en tout cas, le fait est suffisamment inhabituel pour etre relevé ...

des rumeurs annoncent que la banque centrale d'italie pourrait etre ce mystérieux acheteur d'or ..

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/01/03/cngold03.xml

Lien invalide Marie...

Ma non sarrebe per surprendermi che l'Italia divente compratore, tra oro et italia, E sempre stato una storia d'amore...

Forza italia*...!!!

( *ma non sto parlando del partito politico del disgrazziato di Berlusconi)

LOL Sandro ... ..
ok c'est corrigé now

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/01/03/cngold03.xml

et tant qu'on y est voila 1 version differente de l'affaire



http://www.mineweb.net/gold_silver/555507.htm

achats d'or en nette augmentation d'une part ( russie , philippines, Grèce et Kazakhstan)

et ventes du systéme WAG en nette diminution.. comme vous l'avons pointé ici dans nos précédents posts sur ce sujet

les banques centrales deviennent acheteuses d'or

Central banks are becoming gold buyers, Blanchard & Co. says

By Neal R. Ryan
Vice President and Director of Economic Research
Blanchard and Co. Inc., New Orleans
Wednesday, February 7, 2007

www.blanchardonline.com

According to recently updated IMF reserves statistics, some central banks have begun purchasing significant quantities of gold over the past few months, in stark contrast to the most recent figures available to the market, says Donald W. Doyle, Chairman and CEO of Blanchard and Co. Inc.

The central banks of Russia, Kazakhstan, Greece, and the Philippines all have added to gold held in reserve, according to figures updated February 5, 2007.

"The general trend of central bank activity regarding gold reserves has changed a great deal in the past year," Doyle says. "For the first time in the seven years of the program, banks affiliated with the Central Bank Gold Agreement failed to reach sales quotas in 2006, and now, with updated IMF reserve data just published, it is apparent that gold sales have slowed. In addition, the much-anticipated and speculated-upon gold buying is finally emerging in the market."

According to IMF statistics, Russia has added 7.45 tonnes to reserves, Kazakhstan has added 7.38 tonnes, Greece has added 3.56 tonnes, and the Philippines added 1.4 tonnes. While Russia stated publicly in 2006 that it would increase its gold reserves substantially over the coming years, the moves by other central banks were unexpected in the market, clearly a bullish signal, Doyle remarked.

Blanchard and Co. Inc. is the largest and most respected retailer of American rare coins and precious metals in the United States, serving more than 350,000 people with expert consultation and assistance in the acquisition of American numismatic rarities and gold, silver, and platinum bullion. The Blanchard Economic Research Unit is a key source of precious metals market analysis and continues to be an important resource for financial and consumer media throughout the United States. Blanchard and its predecessor companies have called the New Orleans area home for more than 30 years. For more information about the company, visit BlanchardGold.com or call the company toll free at 1-800-880-4653.


http://www.gata.org/node/4792

lire la suitepost suivant

la banque centrale d' afrique du Sud achéte 22 tonnes d'or sur le seul mois de janvier 2007 , ajoutées à ses réserves d'or.


source midas


More from Blanchard's Neal Ryan ... in LATE and more good news:

Just saw news hit that South Africa has added nearly 22 tonnes to their resaves in January alone.

Those figures wouldn't show up in IMF reports yet because of the reporting lag, but the government made the announcement at the Indaba conference this week.

That puts my count of Central Bank reserve additions that we can 100% confirm at this point over 41 tonnes in the last 3 months.

Bullish View on Gold Entices South African Reserve Bank

By Evan Pickworth
07 Feb 2007 at 11:17 AM EST

CAPE TOWN (I-Net Bridge) -- The South African Reserve Bank's (SARB) holdings of gold reserves increased markedly in January to 4.684 million ounces from 3.990 million ounces in December 2006.

According to a leading economist, this could be due to the Bank taking the opportunity to build up reserves when it is "hard to argue against a long-term bullish view on gold."

update: transactions d'or des banques centrales pour janvier 2007

achat de 10 Tonnes d'or ( russie, gréce ..)
vente de 9.6Tonnes d'or par la banque centrale de france en janvier ...
aucune vente d'or des autres Banques centrales et notamment de l'espagne et du portugal qui avaient vendu 80Tonnes d'or l'année passée et 200Tonnes ces 3 dernières années ...les stocks d'or doivent etre vides ...

pas d'activité de l'allemagne et de l'italie
___________

source midas

From Blanchard's Neal Ryan:
IMF has just posted updated CB activity for January.

Banks added 10.57 tonnes (Belarus, Greece, & Russia)

France again was the only seller of any note, dumping 9.6 tonnes in January alone.

No other ECB bank has been a seller.

One real key point is that it looks like activity from Spain and Portugal who have sold nearly 80 tonnes between them over the past year and 200 tonnes in the last 3, are finally done.

Again, no activity from Germany or Italy.

2 des banques centrales captives BCE ont vendu 16.5 Tonnes d'or... ce qui ne s'était pas vu depuis longtemps ( déc 2006- source blanchard- voir l'autre file )) et qui explique pourquoi ça freine sur 655$
à noter et j'insiste, que c'est la 1ere fois depuis décembre dernier, que la BCE dépasse son quota de vente d'or hebdomadaire de 9.5Tonnes..

source Midas
The weekly ECB balance sheet disclosed that two captive CBs sold E256 Mm of gold last week, 16.5 tonnes at the current book value. This compares with 0.58 tonnes last week and the WAG2 “run rate” of 9.6 tonnes. Not since the week of September 14th last year has a larger amount (32.86 tonnes) been sold (the 26.83 tonnes announced last December 20th included the pre announced 23 tonnes sold by the ECB itself over an unspecified period after September 30th).

On the face of it, this appears to be the explanation for the discernable resistance experienced last week around $655. However, much more pronounced resistance of the same type was seen in late February around $688: for this no explanation has appeared.

The Dutch Central Bank announced today it sold 54 tonnes of gold in 2006 and (by inference) 82.5 tonnes in 2005, which it disclosed left only 28.5 tonnes under its WAG2 quota (to September 2009). Presumably all of this has already shown up in the ECB data.

"Pot de chat grain" le stock d'or des banques centrale...et le marché absorbe, rôte et dis: "encore...!"

encore 12 Tonnes d'or vendues, semaine du 19 mars .. décidément ya un truc , la ..
certainement en rapport avec la gravité de la situation actuelle... qui fait que des" efforts" sont demandés .... et obtenus ...

la france est bonne fille ....mais pour combien de temps?..elle a déja vendu 5 millions d'once d'or ces dernières années ..
et ce n'est pas l'allemagne qui prendra le relai ..

CBGA signatories rapidly increasing gold sales

encore 17 Tonnes d'or vendues, semaine passées par banques centrales captives de la BCE ..
soit ventes 45.7 Tonnes d'or en 3 semaines ... , on double le niveau des ventes d'or BCE depuis le début de l'année

on met le paquet pour défendre le tres important niveau des 672 $..
pourquoi c'est si important ? voir cette file

naturellement , personne de sérieux ne sera surpris de voir le cours de l'or monter le jour où l'iran relache les marins anglais ..

quelle farce !!

le cartel attaque lors de tensions géopolitiques exacerbées .. pour relacher au moment de l'apaisement ...
de sorte que Pierre et Paul pensent que ... décidément l'or n'est plus du tout une protection contre ce genre de risques ...

un bon bout de temps que ça dure ... en piétinant de plus en plus ...au fur et à mesure que les munitions s'épuisent ...

résultat, avec un open interest descendu de 20% depuis le 28 février, le cours de l'or est de nouveau à l'attaque du tres important niveau des 672$

Oui Marie, ça ne durera pas aussi longtemps que les impôts, d'autant que ( comme je le disais déja en 99 dans lettres d'Or) une transaction implique , certes, un vendeur d'or , mais AUSSI un acheteur d'or..... et de cet acheteur d'or, la presse ne parle JAMAIS ou très rarement anyway...

le point et notamment sur le dernier des vendeurs d'or en présence, la France
montant prévu pour les 5 ans de wag 2 : 500 à 600Tonnes d'or
déja vendu : 380 Tonnes d'or
il reste donc à vendre, pour les 28 mois restant du WAG2 120 à 220 Tonnes d'or ...soit 4.2 à 7.8Tonnes d'or /mois..
largement en dessous des ventes d'or de 26Tonnes d'or / mois, observés l'année passée...

ni les banques centrales de l'l'italie, de l'allemagne et encore moins de l'angleterre,de la suisse etc n'ont les moyens ou la volonté de vendre de l'or ...

you see what i mean? ==> le dernier vendeur d'or est la banque centrale de France, le potentiel des ventes s'épuise ...

_____________________________________
source Midas

Once again Neal Ryan of Blanchard and Company has come up with some superb, big league insight into the gold market, as regards to central bank selling. His detailed analysis of what is coming down the pike fits in perfectly with the MIDAS/GATA analysis that the central banks and Gold Cartel are gradually running out of enough central bank gold to keep the price from exploding.
This analysis, first brought to our attention in toto by Frank Veneroso at the GATA African Gold Summit, has been playing out to a tee for the past six years. It has been THE roadmap to making a great deal of money over those years. The exciting aspect of all this is that we are about to go into an acceleration phase in the years to come as The Gold Cartel hits the wall.
From Neal this morning, to his account reps:
lien direct ici
So why's the precious metals market heading higher today on seemingly little bullish news?
For the same reason the market wasn't performing the last three weeks. The selling pressure from bank sales has abated and precious metals have become a more direct reflection of market circumstance we're currently seeing.
Been running some figures on the recent ECB sales and thought you'd like to see them, consider this the extended note before the vacation!
Since they announced their selling program with the CBGA II signing, the Bank of France has sold 380 tonnes of gold (using rough numbers total is actually 379.85). When they signed the agreement in 2004, they announced that over the 5 years of the 2nd agreement, they would sell 500-600 tonnes of gold.
By my calculations, they've got 120-220 tonnes of sales left to push out into the market over the next 28 months of the 2nd agreement to reach the low or high end of their announced sales. Broken out that's 4.2 to 7.8 tonnes of sales a month. Sales have averaged 26 tonnes a month in the latest CBGA II fiscal year. We believe that number is set to fall drastically.
Switzerland's done with their selling program, the Bank of England didn't even sign the 2nd agreement, Spain and Portugal seem to be finished selling after dumping millions of ounces on the market in the last two years, and the Netherlands are finished their announced sales as is the Bank of Denmark.
France is the only announced seller left out in the market of any size. Other banks are certainly selling a tonne here or a tonne there, but France is the only bank transacting in any volume. Germany has said they won't sell any gold reserves in 2007 and have yet to decide about 2008. Italy has made no announced plans to sell and has not sold one tonne of gold over the life of both agreements (I'd have to say knowing the little bit I do about their cash management acumen and fractured governmental system, any agreement on selling from them is remote).
So…what's it all mean?
In my mind, it means we've got one remaining seller left out in the market of any size who was more than likely behind the major sales in the last 3 weeks. We'll get an update on who sold the gold in a month. It also means that after purging over 11 million ounces from their reserves in two and a half years, the Bank of France is nearly done with their announced program and only have between 3.8 to 7 million ounce left to sell.
Unless Germany makes an announcement about 2008 or Italy changes their routine and begins selling, there are no more captive ECB banks who either have any gold sales announced or own enough gold in reserve to transact at the same levels that France has been selling in the last 3 years.
We're not only going to see CBGA II sales miss the mark this year by over 150 tonnes, we're going to see CBGA II sales for 2008 and 2009 miss the mark by 200-300 tonnes each. Supply side thoughts for further down the road, but one that is looming very large on the horizon. We're talking another 6-10% drop in both 2008 and 2009 in supply into the market.
We've seen significantly lower mine production in the last five years, we've watched 75 million ounces of gold get dehedged off of the market (with 40 million left to go), investment demand has picked up some(we still believe it will grow another 25-50% in the coming years), outside of the ECB captive banks, central banks made net additions to gold holdings in 2006…Seeing central bank sales dry up like this while so many other supply/demand factors are coming into play is a major, major bullish signal for the market. Central Bank activity (or lack thereof) and supply/demand factors are what will push gold past $800 this year and into the four digit range in the next several years. See the coming trend, understand it and prepare for it.
-END-

Sauf si Sarko passe... lui il les donne quasiment les tonnes d'or. et teigneux avec ça... ...

mais non !! il est bloqué sur les prochains 28 mois ... et 28 mois c'est LONG ...

il peut pas vendre plus de 220 Tonnes d'or...MAXI soit 7.8Tonnes /mois..sur les 28 mois restant ...et ça fait pas besef si ya personne d'autre pour accompagner ... et au sein du sytéme BCE ya pas !

les banques centrales européennes, de l'eurosystéme ont vendu
-12.10 Tonnes d'or la semaine passée
-17.04 Tonnes d'or semaine précédente ,
soit vente 57.6 tonnes d'or sur les 4 dernières semaines, après 3 mois ou 3Tonnes /semaine était la norme ..
et contrairement au passé, cette augmentation des ventes bce n'a pas vu le cours de l'or baisser de façon significative .. juste un cappage sur le très important niveau des 675 $-680$

Neal Ryan, Blanchard cie
ECB gold sales were updated again this morning and the increases in sales have continued. This past week there were roughly 12.1 tonnes of sales into the marketplace from two captive central banks in Europe. In the last month, the gold market has seen 57.6 tonnes of sales. The gold market hasn't seen this level of sales since 75 tonnes were sold into the market in May '06 and the gold price cratered over $100 per ounce. In the month since the increases in sales began, gold has increased in price by over $40 per ounce. In the past, significantly increased sales meant the market would have a bout of price weakness. This has been the opposite case the last month. There is no more bullish factor for this market in our opinion than to see how robust the physical demand is in the market at present as it continues to gobble up the major increases in bank sales and trend higher…

pour lire le point complet

la pression qui s'était relachée, la semaine derniere (1.94 tonnes )reprend:

les banques centrales européennes vendent 17 Tonnes d'or cette semaine, soit 76 Tonnes d'or en 5 semaines

source Neal Ryan, Blanchard and co ,via midas

Citation :

"ECB gold sales have been updated for the past week and again we've seen another week of massive sale increases. Two ECB banks sold 17 tonnes of gold into the market over the past week. In the last five weeks, ECB banks have dumped over 76 tonnes of gold into the market, a drastic change from sales levels over the previous six months. There are only one time in the last two years there has been this high a level of gold sales into the market in such a short period of time. The last time the gold market saw these levels of sales was May of '06 when prices peeled off of $730 and fell back to $550 over the length of the sales. Gold has increased $50 per ounce in the face of this supply increase. We will continue to harp on this issue because it is the clearest indicator of the robust physical demand currently in the marketplace. We believe once these sales moderate that the $700 will be a given…in fact, it is our belief that these sales are the only reason we haven't seen that level yet."

..............

Citation :

Few thoughts here following up on the sharp sell off this morning.
1.) Metals futures contracts are rolling forward. Traders have to shift into the new set of contracts with this month's contracts closing out tomorrow. As we stated this morning, this should cause some significant price fluctuations just before and after the contract shift tomorrow. We did not expect this much volatility, but it's the main driver behind price weakness today in our opinion. Don't be surprised to see a major jump in prices tomorrow in prices when the new contracts hit the market.
2.) US economic reports out this morning (April Consumer Confidence Index and March Existing Home Sales) both came in at worse levels than expected by economists. The home sales data was the worst the market has seen in nearly 18 years. This news started putting downward pressure on the dollar, which should have in turn helped precious metals prices greatly…obviously that did not happen.
3.) Oil has tumbled nearly a dollar and a half in the last three hours, supposedly on the same technical level selling hitting the precious metals markets today. This could shift once we get the supply figures tomorrow AM out of the EIA. We've seen six weeks of much higher than expected draws in gasoline stocks and gas prices have risen sharply in response. For a number of reasons, inflationary pressures being most important, if we have another week of larger than expected energy supply declines, the markets should roar tomorrow in the energy and precious metals markets.
4.) The physical market in London has been inundated with sales out of ECB banks in the last 5 weeks. 76 tonnes to be exact. On top of those sales needs to be included other central bank activity in the gold market via loans and swaps. No data currently exists to quantify what those loan and swap levels could be, but it's safe to assume that some lending and swapping is taking place as well. The gold market has been flooded with CB gold over the past 5 weeks from sales and lending and held up remarkably well, increasing nearly $50 per ounce. It is still our opinion that the Bank of France is the lone, major seller left out in the market with some other banks selling a bit here and there which is augmenting the overall sales levels.
As tough as completely counterintuitive moves like today can be to stomach, we believe that the gold market is heading to a tipping point. The options expirations and contract rolling can certainly jostle the market on a day like today as prices are knocked down just to be reset in new contracts the next day, but ultimately it is the physical side of the market that will drive the prices to test new highs.
The truth is that CB's are simply running out of gold they can sell into the market. We think this past five weeks of drastic sales increases is akin to a 'last gasp' of selling the market will see for some time. Assuming the Bank of France holds true to their 500-600 tonne sale mark for the current Central Bank Gold Agreement, they are running perilously low on supply to sell in the remaining 16 months of the agreement period. No other central bank has appeared on the scene to become a large seller and other banks have voiced that they would sell no gold this year.
The possibility of increasing mine supply is turning into a moot point as there is new information hitting the markets nearly daily about falling supply figures from Australia, Canada, United States, Chile and South Africa.
Central bank sales have been the wet blanket on top of the market, keeping us from the $700 level over the past few weeks. It's not a lack of follow through or investor interest that we're experiencing right now, it is five straight weeks of a massive supply infusion from CB sales that has kept prices from jumping. We might see another week or two of higher than average sales over the next two reports, but we believe where the market would have tanked in the past under such selling pressure, seeing the market digest and trend higher in the face of these sales is still the single most bullish factor in favor of considerably higher prices in the coming months.

Merci Mary pour ces "updates", c'est un point très éclairant du rôle joué par les Banques centrales dans la manipulation du marché de l'or...

GdB

merci Gdb j'ai trouvé interessant de tenir à jour une file de mise à jour sur le thème des ventes d'or des banques centrales...

les banques centrales européennes ont vendu 12.17 Tonnes d'or cette semaine soit 89.6 Tonnes en 7 semaines ( donc en moyenne 12.8 Tonnes sur les 7 dernieres semaines .. au dessus du quota de vente d'or hebdomadaire wag 2 de 9.6 Tonnes )

pendant ce temps là BARRICK couvre son hedge book, et GS rachéte également ( pour le compte de LIHIR et pour son propre compte sur le tocom ) ... surement une coincidence avec ce regain des ventes d'or des Banques centrales européennes


source midas

The weekly ECB condition statement reported two captive CBs sold an aggregate of E195Mm of gold, 12.17 tonnes at the current book value. This compares with 17.54 tonnes last week, and a notional weekly requirement of 9.6 tonnes to meet the WAG2 quota. Since the ECB group stepped up their selling seven weeks ago, they have reported 89.6 tonnes of disposals.

11.6 Tonnes d'or vendues par les banques centrales de l'eurosystème BCE cette semaine soit un total de 100.76 Tonnes depuis mi mars

source midas

The ECB’s weekly statement of condition indicated that two captive CBs sold a total of E189Mm of gold last week, 11.6 tonnes at the current book value. This compares to 12.17 tonnes last week and the 9.6 notional run rate if the WAG2 quota were to be sold evenly. Since the ECB group stepped up their sales in mid-March they have put 100.76 tonnes into the market. Appreciable, but quite inadequate to account for the heavy selling seen lately around $690.

la banque centrale d'espagne annonce vente d'or pour 2.600.000 onces vendues sur les 2 derniers mois soit 73Tonnes d'or !
-sans préciser intentions futures de vente d'or
-ce qui représente 20% de leurs réserves d'or !

contrairement à mai 2006 , ces pressions vendeuses importantes..( cf historique de cette file ) n'ont pas du tout le même effet et sont absorbées par la demande d'or .. ce qui n'empeche pas bien entendu le marché de l'or de rester sous pression, tant qu'il n'aura pas vu cette pression vendeuse se calmer

source Neal Ryan , Blanchard et co
http://news.goldseek.com/GoldSeek/1178895721.php
__________________________

The Bank of Spain announced yesterday on their website that they have sold 2.6 million ounces of gold into the market over the past two months, giving no update on if those sales were expected to continue or not. This figure means that Spain has sold off 20%(!) of their total gold holdings. The motivation behind or timing of the sales are not important. What is important is that we have this data now which gives a firm explanation of why the market is having trouble moving higher. Unfortunately, the market will continue to come under this supply increase pressure until it becomes clear that the selling has slowed down. The real positive to take away from these increased sales is that the market is struggling to consume the additional physical supply, but it's not breaking underneath this pressure. May of 2006, the market broke under less pressure. We're not seeing that at present. Below is a quote from Bill O'Neill at Logic Advisors from an article yesterday about the increased sales.
************************************
Sales by central banks in Europe in the second quarter have kept gold from breaching $700, O'Neill said.
``I don't think they're going to violate their agreement,'' O'Neill said. ``Their selling has put a little bit of a top on the market in front of $700.''

Le marché avale... encore et encore et remercie d'un rôt sonore...le cours de l'or ne baisse pas pour autant, il monterait donc sans ces ventes d'or.... il est évident que vendre à ce rythme n'est pas tenable, et alors là, ce sera comme lâcher un pitt bull affamé à la fête de la crêche...

semaine derniére : 18 T BCE system + 16 T GLD

source Neal Ryan, blanchard et co

Neal Ryan of Blanchard and Co.:

It's always tough to work on a lag in the markets, but sometimes with the flow of information in the physical side of the metals markets, that's the way it has to be for investors.

So we know last week that 16 tonnes of gold came tumbling out of the GLD ETF…and we now know that ECB banks sold nearly 18 tonnes of gold the same week. The ECB updated this morning that two captive banks in the system sold 17.7 tonnes of gold last week (or $280 million euros).

It appeared that maybe the increased selling was slowing down last week with sales of only about 1.5 tonnes, but in reality, the ECB captive banks have yet to finish the massive increased selling into the market that began in March of this year. Forget about prudent timing, the market is having trouble digesting these sales. The market isn't collapsing, but the price is certainly being kept from rising as the injection of supply is sopping up the increased demand in the marketplace. For a point of reference, ECB banks have not sold this much gold in such a short time period in the life of the 2nd CBGA. In the last ten weeks, ECB banks have sold over 120 tonnes of gold into the market ($1.9 billion in euros or $2.55 billion in dollars). In the previous six months, ECB captive banks sold only 112 tonnes into the market.

The gold cascading out of the central bank vaults is also helping to explain why all of the rampant dehedging in the marketplace hasn't caused prices to jump considerably. With five months to go in order to fill the annual sales quota of 500 tonnes, ECB banks are still roughly 268 tonnes short of filling the quota. We still strongly believe that even with the ramped up selling in the past three months, the annual quota will not be met this year, the second time in the last two years…