Analysts said the lower ceiling
on gold sales was a belated recognition that central
banks have grown
less willing to sell their
reserves, reflecting a change in thinking at central
banks at a time when the dollar is in decline and inflation worries are widespread.
The outlook for oil prices in my view, remains problematic especially with the advent of pro-energy policies in the US by President Trump's administration and
less restraints
on oil production and pipelines as a result of climate concerns; the
reserves accretion is probably artificial and worse still, at the expense of trade and manufacturing output; the IMF and World
Bank have been wrong many times before -LRB-!)