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Monday, May 28, 2012

Central Banks doing a run on Gold

Central Banks Purchased 70.3 Tonnes Of Gold In April 2012! : Data from the IMF showed that Argentina purchased 7 tons of gold last year as the yellow metal was hitting an all-time highs of $1920.30 per ounce. UBS analyst Edel Tully said this suggests the Argentinean central bank was more concerned with increasing its gold reserves despite record prices. Sheeple do a bank run... and the big banks do a run on gold. Central banks gold purchase data from the IMF is in for April. Mexico, Kazakhstan and Ukraine added about 204,000 ounces in April. The Philippines added a whopping 1.033 million ounces in March with gold now at 13.6% of its total reserves. UBS highlighted the Philippines' gold purchase is significant as this is the second largest monthly Central Bank's purchase after Mexico's purchase of 2.5 million ounces in March 2011. Led by Mexico and Russia, central banks from 11 countries and the Eurozone added a combined 57.9 tonnes of gold in March 2012. Mexico raised its reserves by 16.8 tonnes, Russia added 16.5, Turkey 11.5 tonnes, Kazakhstan 4.3 tonnes, Ukraine 1.2 tonnes, while other ex-Soviet republics including Tajikistan and Belarus added less than half a tonne. In percentage terms Argentina made the biggest bet on gold, upping its reserves of gold by more than 10% to 61.7 tonnes over the month. The only sellers were the Czech Republic which reduced its bullion reserves by 4,500 ounces..

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