In 2012, Central Banks Bought Most Gold in Nearly 50 YearsSubmitted by SteveMT on Thu, 02/14/2013 - 13:11
[Note what they do, not what they say.]
Central Banks Bought Most Gold in Nearly 50 Years
By: Ansuya Harjani - Thursday, 14 Feb 2013 | 1:00 AM ET
Central banks scooped up more gold in 2012 than they have annually in nearly half a century as they sought to diversify reserves, the World Gold Council (WGC) said on Thursday.
Central banks bought 534.6 metric tons of the precious metal last year – the most since 1964 – led by Russia, Brazil and Iraq. Net purchases by central banks accounted for 12 percent of overall demand in 2012, compared with a 10 percent share in 2011.
"Countries actively adding to their official gold holdings remains heavily concentrated in developing markets, which partly reflects the scale of growth in the reserves of these markets over recent years," WGC wrote its latest quarterly report on gold demand trends.