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RUSSIA led the gold bugs last year as it invested $US5.8 billion ($5.83bn) in bullion to diversify its reserves away from the US greenback.
According to figures from the World Gold Council, Russia bought 135.3 tonnes during 2010 at an average price of $US1224 an ounce.
The purchase lifted Russia from 10th to eighth on the list of central bank gold holdings with 784.1t, surpassing Japan and the Netherlands. Saudi Arabia said that its gold reserves had increased by 180t, worth $US7.7bn, to 322.9t, but this is thought to have been a historic purchase that had not been publicised.
Originally posted by JacKatMtn
I chuckled at the minijab at the UK and their selloff in 1999 and the "what could have been" factor that hindsight gives.
The manner in which the sale was conducted, and the speed at which it was undertaken, without consultation of the Bank of England, made many of the City of London's financiers a bit uneasy. The sale as bailout was given impetus by this revelation which surfaced some years later.
"In front of 3 witnesses, Bank of England Governor Eddie George spoke to Nicholas J. Morrell (CEO of Lonmin Plc) after the Washington Agreement gold price explosion in Sept/Oct 1999. Mr. George said "We looked into the abyss if the gold price rose further. A further rise would have taken down one or several trading houses, which might have taken down all the rest in their wake.
Therefore at any price, at any cost, the central banks had to quell the gold price, manage it. It was very difficult to get the gold price under control but we have now succeeded. The US Fed was very active in getting the gold price down. So was the U.K." - Full Text
Barrick CFO: Central Banks May Shift More Reserves Into Gold
TORONTO—The world's biggest gold producer expects central banks will likely shift more of their monetary reserves into gold this year, as they worry about soaring stockpiles of U.S. dollars.
Jamie Sokalsky, chief financial officer of Canada's Barrick Gold Corp., said there has been a "sea change'' in the past year, with central banks that had stocked up on U.S. dollars starting to buy more gold to diversify their holdings. Many forecasters say that trend will continue this year, since global currency reserves are approaching the $10 trillion mark—the bulk of it in U.S. dollars— even as a faltering economy and climbing debt load look set to depress the value of those dollars, said Mr. Sokalsky, in an interview with The Wall Street Journal. - Full Text