Central Banks Hoarding Gold as USD Crash is Looming

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Central Banks Around The World Are Going Gold Crazy

Gold prices have been soaring, and is up around $1,676/oz today, as investors rush to the precious metal as a safe haven against economic uncertainty in the euro zone and the American dollar. Now, a report by HDFC Bank (Housing Development Finance Corporation) says emerging market central banks have put $10 billion into gold year-to-date, buying nearly 180 tonnes of gold this year, more than twice the 73 tonnes bought by central banks around the world last year. Here are the specifics (via HDFC Bank): Thailand's central bank bought gold for the second time this year, adding nearly 19 tonnes in June, and increasing its reserves to over 127 tonnes. Russia bought an additional 5.85 tonnes in June bringing its reserves to 836.7 tonnes. Year to date Russia has been the second biggest buyer of gold buying 48 tonnes that are reportedly worth $2.6 billion at current prices. Mexico has been the largest gold purchaser year-to-date, buying 98 tonnes of gold.

The Bank of Korea bought 25 tonnes of gold over the past two months. These have reportedly been its first acquisitions of the precious metal since the 1997-1998 Asian financial crisis. South Korea has 64% of its foreign exchange reserves in dollars and is looking to reduce its exposure to the dollar, according to CommodityOnline.

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