Central banks influence on gold waning

摘要

For most of the last 10 years central banks have played a key role in the collective psyche of the gold market. Since about 1994 the reputedly massive gold stocks of the world's central banks have frequently been cited as the single most important issue governing gold's fate. But over the past 12 months it has become increasingly clear that the potential flood-waters of gold supply that central bankers have threatened to unleash on to the market could, in fact, not exist. Central bank gold holdings may in reality be more similar to the average Australian metropolitan dam level -- well below spillway levels and definitely no cause for alarm.