(Source: Forbes) – Gold purchases by South Korea and Thailand this summer continue a trend in which central banks are net purchasers of the metal as they look to diversify their foreign-exchange reserves.“So far in 2011, central banks in the emerging markets have already bought more than double the gold they bought in all of 2010, and we’ve got almost five months to go for the rest of the year,” said Jeff Clark, senior precious-metals analyst with Casey Research.
This buying has occurred despite historically high prices. “So apparently, central banks don’t regard the gold price as too high,” Clark said.
Aug. 4 2011 – 10:10 am
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