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Commodities Briefing - Categorized | Bullion/Gold, Price Watch more

Gold prices will soar past $2,500 as central banks buy it up

Posted on 04 October 2012

With governments all over the planet buying up gold over the past five years, it’s no wonder gold prices have risen 142% since 2008. Central banks bought 254.2 tons in the first half of 2012 and may add close to 500 tons for all of 2012, the World Gold Council said last month.
According to the International Monetary Fund (IMF), Russia added 18.6 metric tons of gold in July. South Korea bought 16 tons — a 30% increase. Kazakhstan increased their bullion reserves for a 12th consecutive month. Turkey, Ukraine and the Kyrgyz Republic also joined the party. And the buying continued in August, albeit at a more moderate pace, the IMF confirmed………………………………………..Full Article: Source


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