Central Banks Building Up Gold Reserves

According to a brief report by the Armenia News, several central banks have added to their gold reserves:

The countries having the world’s greatest gold and currency reserves continued building them up last year, Komersant writes.

According to the daily, the first ten countries increased their international reserves by 13.3% - up to U.S. $6,400 billion. China ranks the first, its reserves totaling U.S. $2,850 billion – an 18.7% increase as compared with 2009.

Japan’s reserves totaled U.S. $1,096 billion – an annual increase of 4.5%. Switzerland’s reserves showed the sharpest increase, 25%, up to U.S. $252.3 billion

The rest of the article tartly obverves that the Armenian central bank got rid of theirs at $400/oz.