This might be a blunder ,

but since this is a rethorical matter without any consequences on anyone's investment here , and since i don't feel much like doing some more reaserch on this matter , i think i might have read along the way at the ECB site , that their avg purchase price was something like $236 or $266 a once ,but this should be taken with quite a few grains of salt , since i've read different info lately regarding gold and other matters .

I took the time to read and re-read your explanation , i hope others more qualified will do the same 'cause this is way out of my depth , i don't even qualify for accounting 101 and your paper seems way beyond that .

By intuition i seem to understand that it somehow goes along the line of the evaluation of gold according to it's fluctuation related to the time of purchase , sales , and accounting periods .

As the paper from ECB stated gold was also and primarily an asset as i understand it as other currencies were .

As i stated my concern was mostly about the consequences those massive sales had on the price of gold , for purely selfish matters , as i am like many others invested in gold stocks .

And i will add that today's meeting at G20 , in my mind ,confirms what i stated here before , this was a big show of smoke , and more then ever i'm confident gold will rise nothwitstanding whatever some analysts will say or whatever willbe manipulators of markets will do . I believe the next few weeks will confirm this and i sure hope so 'cause i'm putting my money , in a large part , where my mouth is .

Thank's for your analysis this must have needed some serious pondering .

Regards

tectol