Blanchard and Co., the largest retailer of American coins and precious metals in the U.S., said in a statement Wednesday that there has been a big sell-off in central bank gold reserves in recent weeks.
"The gold market has absorbed 89 tons of ECB sales over the last seven weeks, including 12.3 tons last week alone," said Donald W. Doyle, Jr., chairman and CEO of Blanchard, in a statement.
"Considering that central banks sold 112 tons into the market over the last six months, gold has performed remarkably well in light of this huge additional supply," Doyle said.
CBS reports
BTW, the recent high in the gold is not quite confirmed by the silver too...