Russia Buys 0.5 Million Ounces and Bank of Korea “Needs To Buy More” Gold

Thursday, June 21, 2012
By Paul Martin

by GoldCore
ZeroHedge.com
06/21/2012

The Russian central bank has again increased its gold reserves by 500,000 ounces.

Bank Rossii announced that it had increased gold stocks in its international reserves by 0.5 million troy ounces to 29.3 million troy ounces in May from the end of April.

Russia’s gold and foreign exchange reserves declined to $512.2 billion in the week ending June 15 from $512.4 billion a week earlier. Russia’s reserves remain very sizeable and have increased in 2012 as they were at $498.6 billion at year end 2011.

IMF Russia Gold in Million Fine Troy Ounces (Monthly Chart)

The reserves include monetary gold, special drawing rights, reserve position at the IMF and foreign exchange.

On May 25th, the deputy chairman of Russia’s central bank, Sergey Shvetsov, said that the Bank of Russia plans to keep buying gold on the domestic market in order to diversify their foreign exchange reserves.

“Last year we bought about 100 tonnes. This year it will be less but still a considerable figure” Shvetsov told Reuters.

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