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Currency Wars – Russia Officially Adds 19.5 Tonnes of Gold Reserves in October Alone
Posted By admin On November 25, 2011 @ 8:38 am In Featured Stories,Money Watch,Tile | Comments Disabled
Gold Core 
Friday, November 25, 2011
Central banks are expanding reserves for the first time in a generation due to unprecedented monetary and systemic risk.
Purchases may reach 450 tons this year, according to the World Gold Council. Central banks and government institutions officially bought 142 tons last year, IMF data shows.
Astute analysts continue to point out that this is just the officially declared purchases and many central banks and especially the Peoples Bank of China continue to quietly accumulate gold reserves.
Emerging market and or creditor nation central banks have long been diversifying out of U.S. dollars. Now they are equally concerned about the euro and other fiat currencies such as the yen and pound.
These central banks, including China and Russia, hold huge U.S. dollar and other fx reserves. Even a small shift to gold will have a major effect on its price.
Despite the increase in central bank gold reserves, their central banks still only hold some 5% of their reserves in gold.
This percentage will likely increase significantly in the coming months as they continue to diversify their currency reserves.
Even a small portfolio reserve allocation into gold would create a very large increase in demand for gold.
The Russian government is aggressively adding gold bullion to its gold and foreign currency reserves and their gold buying appears to be accelerating.
This trend may continue to accelerate given the increasing tensions between Russia and the U.S. over Syria, the Middle East. Missile defence in Europe and other geopolitical and economic disagreements.
Full story here. 
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URL to article: http://www.prisonplanet.com/currency-wars-russia-officially-adds-19-5-tonnes-of-gold-reserves-in-october-alone.html
URLs in this post:
 Gold Core: http://www.goldcore.com/goldcore_blog/currency-wars-russia-officially-adds-195-tonnes-gold-reserves-october-alone
 Chinese Gold Imports Surge By 500% Through October: http://www.prisonplanet.com/chinese-gold-imports-surge-by-500-through-october.html
 “Uncivilized” China Quietly Building Gold Reserves As Gold Imports From HK Soar By 587% In First Quarter: http://www.prisonplanet.com/uncivilized-china-quietly-building-gold-reserves-as-gold-imports-from-hk-soar-by-587-in-first-quarter.html
 China Becomes World’s Larest Gold Buyer – Buys 93.5 Tonnes Of Gold Coins / Bars in Q1 – Gold Ownership Rising From Miniscule Levels: http://www.prisonplanet.com/china-becomes-world%e2%80%99s-larest-gold-buyer-buys-93-5-tonnes-of-gold-coins-bars-in-q1-gold-ownership-rising-from-miniscule-levels.html
 India, China, Russia and Some EU Central Banks Buying Gold: http://www.prisonplanet.com/india-china-russia-and-some-eu-central-banks-buying-gold.html
 Currency Wars – Iran Banned From Trading Gold and Silver: http://www.prisonplanet.com/currency-wars-iran-banned-from-trading-gold-and-silver.html
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