All the conspiracy theories aside, Bundesbank gold holdings (in euros) are down about a third from the peak. Of course a large portion of this can be explained by gold price depreciation, but not all. It is clear that Bundesbank has been a net seller. And while a portion of the sales were to the ministry of finance to make coins, some was sold into the market directly. This is somewhat surprising, given that most central banks have been buyers of gold recently and Bundesbank has always been committed to maintaining its gold reserve.
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| Source: Deutsche Bundesbank |
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