Record central bank gold sales forecast

London-based GFMS is forecasting record net gold sales by central banks in 2005 of about 700 tons, up from over 500 tons in 2004, GFMS Executive Chairperson Philip Klapwijk said on Tuesday 15 November.

Since 1999, the value of gold's share of central bank reserves has declined from 15 percent to nine percent, Klapwijk said at the London Bullion Market Association (LBMA) Precious Metals conference.

Global gold holdings are very much skewed towards the US and the 15 central bank gold agreement s