Gold sales already decided and decided by the undersigned institutions will be obtained through a concerted sales programme over a five-year period, effective September 27, 2004, shortly after the end of the previous agreement. Annual sales will not exceed 500 tonnes and total sales over this period will not exceed 2,500 tonnes. The announcement of the agreement was surprising for the market. It led to a sharp rise in prices in the following days, but it also eliminated much of the uncertainty surrounding the official sector`s intentions. Once markets have adapted to it, an essential element of instability has been effectively eliminated by the introduction of greater transparency. The hostilities that have characterized relations between the Soviet and Western powers since 1917 gradually resurfaced at the end of the Second World War. This “East-West” division has been fuelled by conflicting political interests and ideologies. Conflicts erupted over peace agreements and reparations, and tensions were exacerbated by events such as the berlin blockade in April 1948, the June 1948 coup d`état in Czechoslovakia and direct threats to the sovereignty of Norway, Greece and Turkey. During this period, the signatories of this agreement agreed that the total amount of their “goldleasings” and the total amount of their use of gold futures and options will not exceed the amounts in force on the date of the signing of the previous agreement. This agreement will be reviewed after five years.
The negotiating countries did not agree on the duration of the treaty. Some countries supported a long-term agreement that would set its initial duration at 20 years, while others feared that anything beyond 10 years would be seen as an unnecessary extension of the war effort. Finally, at Portugal`s request, the treaty was validated for a period of ten years after which the treaty could be reviewed (Article 12); And it was only after the treaty came into force for 20 years that a member was able to withdraw from the organization (Article 13). To date, these two provisions have never been taken into account, i.e. the contract has never been audited or a member has never been removed from the organization. “The independence of central banks is enshrined in law in many countries, and central bankers tend to be independent thinkers. It is worth asking why such a large group of them decided to cancel this very unusual agreement… At the same time, the Council is aware, through our close contacts with central banks, that some of the largest owners have been concerned for some time about the impact of unfounded rumours on the price of gold – and therefore on the value of their gold reserves – and on the use of official gold for speculative purposes. The Washington Gold Agreement was signed on September 26, 1999 in Washington, D.C. at the annual meeting of the International Monetary Fund (IMF), and U.S.
Treasury Secretary Lawrence Summers and Federal Reserve Chairman Alan Greenspan were present.  The second version of the agreement was signed in 2004 and the agreement was renewed in 2009. For the implementation of these agreements, the GSF Law amended the Law on Victim Assistance and the General Social Security Act. With regard to the allocation of care, it was agreed “to allow as soon as possible the payment of the care allowance up to category 7 to victims of Nazism living abroad”. In addition, it was agreed that the six-year embezzlement previously in force at the time of forced emigration was abolished as a condition of compensation and that internment in institutions similar to think-go camps, such as collective camps, was equated with custodial sentences in order to qualify for a pension. Finally, the requirement that pensioners have Austrian nationality no longer applies.