Gee. They don't seem to be mocking gold anymore. I wonder why??
Central Banks Continue Buying Gold To Diversify Portfolios
SDRman - Thu, Aug 4, 2011 - 05:40 PM
04 August 2011, 9:35 a.m.
By Allen Sykora
Of Kitco News
http://www.kitco.com/
(Kitco News) - Gold purchases by South Korea and Thailand this summer continue a trend in which central banks are net purchasers of the metal as they look to diversify their foreign-exchange reserves.
“So far in 2011, central banks in the emerging markets have already bought more than double the gold they bought in all of 2010, and we’ve got almost five months to go for the rest of the year,” said Jeff Clark, senior precious-metals analyst with Casey Research.
This buying has occurred despite historically high prices. “So apparently, central banks don’t regard the gold price as too high,” Clark said.
For the year to date, net purchases by the world’s central banks are 203.5 metric tons, which already is a 168% increase from 76 tons for all of 2010, said Natalie Dempster, director, government affairs, with the World Gold Council.
Most of the data is gleamed international financial statistics released by the International Monetary Fund at the beginning of each month. Additionally, some central banks—such as South Korea—make their own announcements.
The buying is coming from emerging-market nations that are accumulating foreign-exchange reserves, Dempster reported. For the year to date, the biggest buyers have been Mexico, 98.8 tons; Russia, 48; Thailand, 26.3; and South Korea, 25.
Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months
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