In a joint statement 21 European central bankers have confirmed they have no intention to sell any “significant” amounts of gold in the next five years.

A spokesman for the 18 eurozone nations, the ECB and Central Banks for Sweden and Switzerland said, “Gold remains an important element of the global monetary reserves.” The signatories also confirmed the banks will work together to ensure the gold market avoids any market disturbances.

The forward guidance is highly unusual as Central Banks rarely disclose any details regarding their gold reserves. Gold reserves and the price of gold are closely watched by the world markets as an indicator of inflation expectations.