“Western central banks have no use for gold and, instead, want to make it obsolete. They want to move the world to an electronic currency that can be fully tracked, traced and taxed. In addition, Europe’s central banks, especially Germany, needs cash and liquidity to fight the European sovereign debt crisis. So you should indeed expect European central bank gold sales going forward. But importantly, that does not mean gold will go down. It would be more like the period from 1978 to 1980 in the U.S. when our Treasury dumped millions of ounces of gold on the market, and yet gold prices soared.”

http://www.moneyandmarkets.com/your-most-important-gold-and-silver-questions-answered-53053

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