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Gold fades from investment picture

Posted on 30 October 2013

The investor gold rush that propelled the precious metal to a dozen years of annual price gains is on the verge of ending with a whimper. Russia’s central bank in September sold gold for the first time in a year, according to the latest data from the International Monetary Fund. Since the start of 2010, Russia has accounted for 30% of all gold purchases made by central banks that report to the IMF.
Like other emerging-market nations, Russia bought gold to diversify its foreign-exchange reserves. The retrenchment of Russia and others is the latest factor to weigh on gold prices, which are down 19% year to date. The last time gold prices posted an annual loss was 2000…………………………………….Full Article: Source


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