The ECB and central banks of the Eurozone, as well as Switzerland, will not proceed with any gold sales for the next five years, according to a statement issues by the European Central Bank.

In accordance to its announcement, the ECB and central banks of the Eurozone agreed to not proceed with any gold sales and to coordinate the trade of the precious coin.

The agreement which they reached, will come into effect from September 27th, 2014, when the current agreement of gold transactions expires, in order to avoid any turmoil.