Thank you for pointing this out. I believe there are still some good reasons to question whether this is good evidence against the power of central banks to bur

Thank you for pointing this out. I believe there are still some good reasons to question whether this is good evidence against the power of central banks to burst the gold bubble. First of all, if you look at the price of gold in real terms at the time of this gold sale, you'll find that it was on the low end, but still went down quite a bit, considering the relatively small volume of the gold sale. Second, speaking about it in terms of volume, around 2700 tonnes of gold are produced every year, while 34000 tonnes of gold are held by central banks, around 18000 tonnes by the US plus European countries. Who would vacuum up that supply? There are two honest questions in this regard: 1) Are there any good models for this type of problem? Basically, what we're asking here is how commodity prices are affected by hoarding of non-users of the commodity. 2) Given that there are discussions of a ban on artificial hoarding on other commodities (e.g. rare earths) in the interest of protecting the industrial and productive use of those commodities, wouldn't it actually make sense to do the same with gold?