Russia, Kazakhstan, Colombia, Belarus and Mexico added a combined 25.7 metric tons of gold valued at $1.38 billion to reserves in October, a month after prices rose to a record. Russia’s bullion reserves rose 19.5 tons to 871.1 tons last month, according to data on the International Monetary Fund’s website. Kazakhstan’s assets increased 3.2 tons to 73.6 tons, Colombia’s gained 1.2 tons to 10.4 tons, Belarus expanded assets by 1 ton to 31.9 tons and Mexico added 0.9 ton to take holdings to 106.3 tons, the data show. Germany cut reserves by 4.7 tons to mint commemorative coins and Tajikistan cut 0.4 ton of gold. Central banks are expanding reserves for the first time in a generation as prices head for an 11th straight annual gain and assets in exchange-traded products rose to an all-time high. Purchases may reach 450 tons this year, according to Marcus Grubb, managing director of investment research at the London- based World Gold Council. Central banks and government institutions bought 142 tons last year, IMF data show.Read More.
Nov 27, 2011
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