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

Russia’s gold purchases are surging as the metal’s price has slumped

Posted on 15 November 2013

Since the great gold crash of March 2013, it’s been tough times for the yellow metal. A troy ounce of gold is now worth 22% less than it was in January. Despite voracious bottom-feeding from China that continued in Q3, gold demand fell 21% last quarter, compared with Q3 2012, says the World Gold Council, which cited people selling shares in gold exchange-traded funds (ETFs) as the biggest reason.
But one country is still aggressively building up its gold holdings. Russia’s central bank added another 18.7 tonnes (20.6 tons) to its gold reserves in Q3 2013. The 1,015 tonnes it now has marks the first time it has crossed the 1,000-tonne mark………………………………………..Full Article: Source


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