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Are Central Banks a Big Negative Indicator for Gold Prices?

A few years ago, the Bank of England, along with other central banks sold huge amounts of their gold reserves below $300 an ounce.

Today, we hear other central banks are buying gold over $1200 an ounce.

If the ones that sold gold knew what they were doing, why didn’t they wait to sell the gold now?

Likewise, if the ones who are buying gold now at $1200 knew what they were doing, why didn’t they buy gold under $300 a few years ago?

By the results of their actions it may tell us that they do not know their heads from their elbows.
So, if any stupid person would have bought below $300 when the banks were selling and now sells at above $1200 while the banks are buying, they will earn 300% profit and beat all the clever people who are chasing after the gold bubble.
By-the-way, I hear the next big thing for central banks and gold bugs is to buy herds of Lemmings. Anyone fancy a flutter in them? I think I’ll wait until they devise an ETF in Lemming futures… What’s that I hear you say; Lemmings don’t have a future.

Disclosure: No position in gold or Lemmings.