Iraq Quadruples Gold Reserves In Two Months – First Time In Years (Aug – Oct 2012)

central_bank-gold

Source: Yahoo! Finance – (21 Dec 2012) Iraq boosts gold reserves, 1st time in years

Notable Excerpts:

Iraq made its first major move in years to boost its gold reserves in recent months, joining central banks from emerging market economies such as Brazil and Russia in diversifying its foreign reserves.

Central bank purchases have been one of the biggest drivers of gold’s rally since 2010 – a year which saw central banks turning net buyers of the precious metal for the first time in two decades amid growing doubts about the stability of the dollar as the world’s top reserve currency.

Over the course of three months between August and October this year, Iraq’s gold holdings quadrupled to 31.07 tonnes, the International Monetary Fund’s monthly statistics report showed on Thursday.

Spot gold prices are set for their twelfth straight year of gains in 2012. Over this period gold gained the most, around 30 percent, in 2007 and 2010.

Among other central banks, Brazil increased its gold holdings for a third straight month in November, raising its reserves by almost a third to 67.199 tonnes.

Russia, added 2.86 tonnes to raise its gold reserves to 937.82 tonnes, the eighth highest gold holdings in the world.

South Korea‘s central bank bought 14 tonnes of gold in November, lifting the country’s gold holdings to 84.4 tonnes.

Official sector’s gold buying in the first three quarters of the year at 351.8 tonnes already exceeds the total for 2011, the WGC said.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s