The Bundesbank announced on Monday 20 december that it would not be exercising an option to sell 120 tonnes of its gold reserves. This followed earlier speculation that it was under pressure from the German government, who wanted to use gold sales to close the budget deficit.
The Bundesbank, which has the largest gold reserves in Europe, had the option to sell 120 tonnes under the Washington agreement made by central banks to set limits on sales.
Before the decision, German finance minister Ha
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