SWITZERLAND has said that it began selling off excess gold reserves on May 1, but analysts and traders expect little price reaction from the market which they say is been poised ready to absorb the sales. Last week, the Swiss National Bank reaffirmed plans to start selling 1300 tons, about half its gold reserves, as soon as possible in May. That sent spot gold troughing to $271,90 bid — its lowest level since September 27, after the Washington Agreement by which 15 European central banks agreed to limit total official gold sales from reserves to 400 tons a year for five years.