informationliberation
The news you're not supposed to know...




Austrian Economics: Understand Economics, Understand the World
The Century of the Self: The Untold History of Controlling the Masses Through the Manipulation of Unconscious Desires
The Disappearing Male: From Virility to Sterility

The Obama Deception: The Mask Comes Off
Operation Gladio: The Hidden History of U.S. Sponsored False Flag Terrorism in EuropeThe New American Century: The Untold History of The Project for the New American Century
(more)
Article posted Sep 30 2011, 3:17 AM Category: Economy Source: The Australian Print

Emerging nations up gold reserves

by Rhiannon Hoyle, Dow Jones Newswires

EMERGING market countries are continuing to top up their gold reserves, with Russia, Thailand and Bolivia among those to add to their holdings in August as developing economies continue to diversify away from traditional reserve currencies.

Recently, emerging market central banks have bought gold in reaction to the sovereign debt crises affecting the US dollar and the euro, analysts say. Demand has also risen strongly in recent quarters as some seek to diversify foreign exchange reserves that have grown along with emerging market export industries.

The central bank of Russia, a regular buyer from its own domestic market, continued its long-term program of gold accumulation in August by adding 118,000 troy ounces to its reserves, which now stand at 27.161 million ounces, according to figures from the International Monetary Fund.

Russia's holdings are up more than 7 per cent on the start of 2011.

However, Russia wasn't the only country to acquire gold last month as the price on the spot market soared to record highs before touching $US1920.94 a troy ounce on September 6. There is no indication any central bank buys gold on the spot market.

Thailand continued to boost its reserves, lifting them 300,000 ounces to 4.4 million ounces -- a significant step up from its January holdings of 3.2 million ounces.

The Bolivian central bank lifted reserves by 225,000 ounces to 1.361 million ounces. Tajikistan and Greece also reported minor additions to their bullion holdings, the IMF data show.

Net central bank gold purchases are expected to total at least 336 metric tonnes this year, equal to around $US20 billion based on recent prices, metals consultancy GFMS said earlier this month.

Read More





Latest Economy
- Uber Faces Potentially Devastating Court Ruling
- The Forgotten Depression
- What Peter Schiff Said To Ben Bernanke
- Jeffrey Tucker Talks Bitcoin On Fox Business
- New Gold Backed Cryptocurrency Has Been Announced
- The High Cost of Centrally Planning the Global Climate
- Snapchat CEO On FB, Twitter, & The Tech Bubble
- California Assembly Moves Forward With Idiotic Plan To Make All Bitcoin Startups Apply For A License









No Comments Posted Add Comment


Add Comment
Name
Comment

* No HTML


Verification *
Please Enter the Verification Code Seen Below
 


PLEASE NOTE
Please see our About Page, our Disclaimer, and our Comments Policy.


FAIR USE NOTICE
This site contains copyrighted material the use of which in some cases has not been specifically authorized by the copyright owner. Such material is made available for the purposes of news reporting, education, research, comment, and criticism, which constitutes a 'fair use' of such copyrighted material in accordance with Title 17 U.S.C. Section 107. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner. It is our policy to respond to notices of alleged infringement that comply with the DMCA and other applicable intellectual property laws. It is our policy to remove material from public view that we believe in good faith to be copyrighted material that has been illegally copied and distributed by any of our members or users.

About Us - Disclaimer - Privacy Policy



Advanced Search
Username:

Password:

Remember Me
Forgot Password?
Register

Planes, Trains, and Automobiles: None Are Safe from the State's Plundering Parasites - 05/22Baltimore Cop Given Just 6 Months; Assault Victim Speaks Out - 05/22Pennsylvania Limits Secondary Questioning During Traffic Stop - 05/22New Police Radars Are Being Used To 'See' Inside Homes - 05/08Man Holds Alleged Carjacker at Gunpoint Until Cops Arrive - 05/22Charges Dropped Against Cop Caught Having Sex With Cows - 05/21John Ashcroft Supports Government Theft - 05/22Texas Cop Watcher Thwarts Potential Homicide - 05/22

Man Follows Speeding Cop, Finds Out He Was Speeding To Buy PeanutsMission Creeps: Homeland Security Agents Confiscate Women's Panties For 'Copyright Infringement'Cop Shoots Couple's Dog, Threatens Jail For Trying To Save Dog's LifeSWAT Team Shoots Teen Girl & Her Dog During Pot Raid On Wrong HomeDurham, NC Cop Testifies Faking 911 Calls To Enter Homes Is "Official Policy"Indiana Sheriff Says US A "War Zone" To Justify New MRAP Military VehicleTampa Cops Surveil Pot Dealer, Catch Him Selling Pot, Raid His Home & Kill Him"You Just Shot An Unarmed Man!": Witness Says Police Shot His Friend With His Hands Up
(more)

 
Top