Central banks not to blame for weak gold price

RESEARCH: According to a study into the gold derivatives market by Professor Anthony Neuberger of the London Business School, the five-fold increase in gold lending since 1990 cannot account for the slump in the gold price over the period. The study, commissioned by the World Gold Council, points out that the growth in offical sector gold lending, from 900 tonnnes in 1990 to 4710 tonnes at end 1999, is still small compared to the outstanding gold stock of 140,000 tonnes.

The study argues that

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