Saturday, March 9, 2013

Another Central Bank Joins Russia, Kazakhstan in Boosting Gold Holdings

South Korea joined Russia and Kazakhstan in boosting gold holdings, reports Bloomberg.

The Bank of Korea added 20 metric tons in February, raising its gold reserves by 24 percent to 104.4 tons, it said in a statement. Holdings rose about $1.03 billion by value to $4.79 billion at the end of last month, equivalent to 1.5 percent of total foreign exchange holdings, according to the statement.

Russia and Kazakhstan expanded bullion reserves for a fourth straight month in January and the World Gold Council expects central banks to remain strong buyers this year after increasing purchases in 2012 by the most in almost five decades.

Central banks increased gold buying 17 percent to 534.6 tons last year, according to London-based World Gold Council. Russia boosted holdings by 12.2 tons to 970 tons in January after gaining 8.5 percent over 2012, according to International Monetary Fund data. Kazakhstan’s hoard rose 1.5 tons to 116.8 tons, following last year’s 41 percent expansion.

1 comment:

  1. GOP regulars about "being overly concerned with ideological purity." My gosh, this is an INTEGRITY issue with me. Rand "enthusiastically" endorsed Romney at the very same time Romney people were brutalizing and defrauding Ron Paul delegates. That whole filibuster was great political theater. However, Rand does NOT condemn the use of government drones over US soil, only that they might be used to kill some of us. Where is the outrage that government is using borrowed money to buy drones, ammo and build FEMA camps while cutting useful services?