Amplify’d from www.wallstreetjournal.com
Central Banks' Demand for Gold Quadrupled in Second Quarter
- COMMODITIES
- AUGUST 19, 2011
BY RHIANNON HOYLE
LONDON—Central banks are topping up their gold reserves, quadrupling their total purchases from the market in the last quarter as they seek to reduce their dependence on traditional reserve currencies such as the U.S. dollar.
Even with gold prices at record highs, emerging markets' central banks have revived the official sector's gold-buying interest. They are diversifying their foreign-exchange reserves, which have grown along with their export industries. More recently, they have also bought gold in reaction to the persistent sovereign-debt crises affecting traditional reserve currencies, like the dollar and the euro. Analysts say this trend is likely to continue.
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