Does This Chart Warn Gold is Set to Surge €400?

goldThis chart is telling us something, and it started in 1999 when Europeans signed a major agreement not to sell gold

 

 

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From Ivars, TFMetals Report:

gold

One thing it tells for sure – gold in EUR has to go up if ECB will continue to increase its assets with QE programs, which it most likely will. One reason could be serious devaluation of EUR vs. USD. Another reason- Europeans CBs buying and selling gold to keep gold share at the same level relative to the expanding assets of ECB in EUR. 

Quote:

Under the agreement, the European Central Bank (ECB), the 11 national central banks of nations then participating in the new European currency, plus those of Sweden, Switzerland and the United Kingdom, agreed that gold should remain an important element of global monetary reserves and to limit their sales to no more than 400 tonnes (12.9 million oz) annually over the five years September 1999 to September 2004, being 2,000 tonnes (64.5 million oz) in all.”[2]

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