"The agreement came in Gold Bar response to concerns in the gold market after the United Kingdom treasury announced that it was proposing to sell 58% of UK gold reserves through Bank of England auctions, coupled with the prospect of significant sales by the Swiss National Bank and the possibility of on-going sales by Austria and the Netherlands, plus proposals of sales by the IMF."
The article by Miller also revealed that the agreement helped to restrict sales of gold to 400 tons per year for the next five years. Here's a look at some important things to know about this agreement.
The agreement was signed by the European Central Bank and the central banks of many countries, such as Austria, France, Belgium, Ireland, Finland, Germany, the Netherlands, Italy, Switzerland, Luxembourg, Portugal, Spain, Sweden, and the United Kingdom
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