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Ecb limit sales of gold reserves { March 8 2004 } Original Source Link: (May no longer be active)    http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1078381599923&p=1012571727088 http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1078381599923&p=1012571727088 Gold steadies on renewal of central bank pact By Kevin Morrison Published: March 8 2004 12:26 | Last Updated: March 8 2004 12:26 The gold price was unfazed by the renewal of the Central Bank Gold Agreement on Monday, as traders welcomed the new pact, which was broadly in line with expectations. Europe's central banks said they had reached a new accord whereby they would limit sales of their gold reserves by 500 tonnes a year over the five years to September 2009, or a total of 2,500. This is above the 400 tonnes a year sale limit under the current five-year programme. Gold was quoted at $399.20/$399.90 a troy ounce in mid-morning European trade, compared with Friday's late quote of $400.90 in New York. Alan Williamson, precious metals analyst at HSBC, said the consensus in the market had been for some time that a renewal would be concluded well before the current pact expired, and that the annual limit would be increased to around 500 tonnes a year. "We believe at worst this will be neutral on prices, as the negative impact that there are new sellers will be offset by the fact that any disposals will be orderly," Mr Williamson said in a report. "At best it is (very) mildly positive as it is still unclear whether the 2,500 tonne limit will be required," he said. Kamal Naqvi, precious metals analyst at Barclays Capital, said the increase in volumes was as expected, though there was no change in the number of signatories. Greece joined and the UK left, but there was no indication yet of how gold sales would be allocated between the various banks. Other precious metals were also higher. Platinum and palladium were both $8 higher at $886/$891 and $255/$260 a troy ounce respectively. Oil prices were close to their post-Iraq war highs as reports of Saud Arabia ordering production cuts was further evidence of Opec being serious about sticking to their proposed output cuts announced last month. IPE Brent for April delivery peaked at $33.53 a barrel in early trade, just 5 cents short of the 12-month high reached on Friday. By mid-morning the Brent crude price was 2 cents lower at $33.33. April Nymex WTI was 1 cents weaker at $37.19 a barrel in electronic trade.

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