11.   Argentina, the Netherlands, Belgium and Australia have sold substantial portions of their gold reserves within the last two years.

12.   Australia, Argentina, Belgium and the Netherlands sold chunks of their gold reserves in the past two years.

13.   Belgium and a host of other countries have also hinted that they are considering selling some gold reserves.

14.   A Swiss government panel recommended that the country, one of the safe havens for the precious metal, sell up to half its gold reserves.

15.   Bullion climbed after Bundesbank President Hans Tietmeyer said Germany has no plans to sell its gold reserves, analysts said.

16.   But the fund could not duck the impact of huge sales of gold reserves by the Australian and Argentine central banks.

17.   Central banks in the Netherlands, Argentina, Australia and Belgium all sold gold reserves during the last two years.

18.   Central banks are likely like to sell gold reserves in favor of more profitable assets such as interest-bearing government bonds, traders said.

19.   Central banks from Australia to Belgium have been selling off gold reserves.

20.   Certainly, all the signs are that central banks are now managing their gold reserves more actively.