ECB member bank buys gold

The Daily Telegraph in London reported Wednesday 3 January that a member of the European Central Bank system had begun buying bullion, the first such purchase in years.

The ECB's family of 12 banks have been major sellers of gold since the euro launch in 1999, helping to drive prices down to a 20-year low at the start of the decade, the report said.

The British daily said the ECB confirmed one of its member banks bought gold in the week ending December 22, 2006, but did not identify the amount

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