Central Banks Agree to Cap Gold Sales

European central banks agreed to a third five-year cap on gold sales. The European Central Bank and 18 other banks agreed to sell no more than a combined 400 metric tons of the metal a year through September 2014. That’s less than the annual cap of 500 tons in the current agreement, which expires Sept. 26. John Reade, an analyst at UBS AG in London, said it's positive for gold. Having the agreement “removes the small chance that European central banks would have dumped gold onto the market in an unconstrained manner.”