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Commodities Briefing - Categorized | Bullion/Gold, Market Moves more

Gold strengthened by Central Bank, ETP buying and gold coin sales

Posted on 23 November 2012

The latest data from the IMF shows that Central Banks are continuing to accumulate gold with some 40 tonnes purchased in October keeping purchases on track to match last year’s 456 tonnes of net purchases. Key buyers were Brazil, which took on 17.2 tonnes, pushing its gold reserves to their highest in 11 years, Kazakhstan with 7.5 tonnes and Turkey with 17.5 tonnes (although this is slightly anomalous in that Turkey is now accepting gold in its reserve requirements from commercial banks – a change in status implemented earlier this year).
Russia too continued to gradually grow its reserves (by 0.4 tonnes in October)………………………………………..Full Article: Source


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