Gold strikes new record highGold is trading at $1637.80 this morning up $17.50 and silver $40.20 up
.96. We're continuing to see a trend of Asian central bank buying gold. The latest buyer is South Korea.
South Korea’s Central Bank, Buy Gold After a Decade
Posted on August 2, 2011 by admin
South Korea’s central bank to buy gold for the first time after more than a decade. The purchase of gold as global growth of debt and uncertainty that drives the monetary authorities around the world to diversify its foreign exchange reserves.
South Korea’s central bank to buy 25 tons of gold during the last two months. That number rose 0.4 percent to 39.4 tonnes compared to the previous backup. Given the current world price of gold is soaring.
This purchase is the impact of global economic recovery efforts and the conditions of the debt due to the fragility of the U.S. and Europe, so it has increased the attractiveness of investment in gold. Circumstances like this do not go unpunished by the government of South Korea.
World Gold Council said China was ranked sixth for the gold reserves of the other Asian banks. Amounted to 1054 tonnes, equivalent to 1.6 percent of all existing gold reserves in the world.
Meanwhile, the country Sakura, Japan was ranked ninth with 765.2 tons of gold reserves, or 3.3 percent of reserves. India, ranked 11 or as much as 557 tons with a percentage of 8.7 percent.