“The amount of gold the region’s central banks can sell in any given period has been capped by a series of Central Bank Gold Agreements (CBGAs) since 1999, after a spate of disposals by the official sector, including a 395-tonne tonne sale by the Bank of England, shook up the bullion market.  Prices are more than five times higher than they were when the first CBGA was signed by 15 central banks, including those of Germany, Italy and France as well as the European Central Bank, in 1999.  That limited sales to 400 tonnes of gold per year, for a five-year period. Signatories struggled to stay within those limits.”

http://uk.reuters.com/article/2013/02/01/uk-gold-cbga-idUKBRE9100RP20130201

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