2012-11-25smh.com.au

``Kazakhstan, Turkey and Russia boosted reserves in October, according to data on the International Monetary Fund's website this week, joining Brazil, which raised holdings to the highest in more than 11 years. European Union leaders are unlikely to reach a budget deal at the end of a summit this week, German Chancellor Angela Merkel said early today in Brussels.''

See also Brazil: Brazil Boosts Gold Reserves to the Highest in More Than 11 Years.

See also this interview (BullionVault) for the big picture:

To the end of September, central banks have now bought 373.9 tonnes. Last year through September, they bought 343.9. So we're looking at another 450 to 500-tonne year for central banks, which is a record since the '60s.

The most recent name that's popped in, after many years of not buying gold, is Brazil. Brazil's buying confirms a trend we've seen. If you look back over this year and in this quarter, the buyers are Latin American countries -- Mexico, Bolivia, now Brazil; they are Central Asian countries -- Russia, Kazakhstan, Ukraine; and Far Eastern countries such as Thailand, Philippines and South Korea. The developing country central banks are the ones doing the purchasing.


Lijit Search

Comments: Be the first to add a comment

add a comment | go to forum thread