Monday, January 24, 2011

Central Bank Of Russia Plans To Buy 100 Tons Of Gold This Year

The IMF and developed-economy central banks aren't following suit, but Russia's central bank is part of the emerging-market accumulators that have made all central bank net purchasers of gold in 2009. The Wall Street Journal reports that the central bank plans to buy 100 tonnes of gold per year.
In 2010 Russia's gold reserve increased 23.9% to 790 tons, or 25.4 million Troy ounces.

That increase was well above 100 tonnes; it comps out to about 152.4. If 2011 is like 2010, Russia's central bank may well overfulfill their quota (sorry.)

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