Brazil increases gold holdings to 52.5 tons, according to the IMF
Brazil increased gold reserves for a second month in October to the highest level in more than 11 years as emerging nations from Kazakhstan to Russia boosted holdings by more than 40 metric tons.
Brazil’s holdings expanded 17.2 tons last month to 52.5 tons, the most since January 2001, according to data on the International Monetary Fund’s website. The country’s 1.7-ton purchase in September was the first since December 2008. Kazakhstan’s holdings increased 7.5 tons, Russia added 0.4 ton and Turkey’s reserves rose 17.5 tons, the data show. Germany, the second-biggest holder, after the US, cut gold holdings by 4.2 tons, the first reduction since June.
Central banks have been expanding reserves as the metal heads for a 12th straight annual gain. Nations bought 373.9 tons in the first nine months of the year and full-year additions will probably be in the “bottom end” of 450 to 500 tons, the London-based World Gold Council estimates.
Germany holds 3,391.4 tons, the IMF data show. The Bundesbank declined to comment on the past month’s gold reserves, spokeswoman Susanne Kreutzer said, adding that the central bank reserves 7 tons a year to sell to the Finance Ministry for minting. The year started on Sept. 27, she said. The Bundesbank sold about 0.7 ton to the Finance ministry in June and 4.7 tons in October 2011 to mint commemorative coins.
Turkey’s bullion holdings have increased due to it accepting gold in its reserve requirements from commercial banks. Belarus expanded holdings by 0.1 ton in October and Mexico reduced them by 0.2 ton, the IMF data show.
Gold accounts for about 0.5% of Brazil’s total reserves and 20% of Kazakhstan’s, according to the World Gold Council. That compares with more than 70% for the US and Germany, the biggest bullion holders, the data showed.
Central banks buying of gold have been a major support to gold prices, which hit record highs a year ago and are still holding above 1.700 dollars an ounce, more than double their level of five years ago.
Suggested Stories
-
May 18th 2013
UK attends with 28 companies the largest healthcare exhibition in Sao Paulo
-
May 14th 2013
New WTO chief says it’s time for ‘modulating’ ambition and pushing protectionism back
-
May 20th 2013
Brazil opens ports to private investment hoping to ease bottlenecks strangling exports growth
-
May 20th 2013
Brazil trapped by Argentina and Venezuela economic mismanagements
18 comments Feed
Note: Comments do not reflect MercoPress’ opinions. They are the personal view of our users. We wish to keep this as open and unregulated as possible. However, rude or foul language, discriminative comments (based on ethnicity, religion, gender, nationality, sexual orientation or the sort), spamming or any other offensive or inappropriate behaviour will not be tolerated. Please report any inadequate posts to the editor. Comments must be in English. Thank you.
i got more gold than that in me piggy bank.
[wishfull thinking]
the brits are about 17th place i belive.
Foolish Mr Brown sold off a lot of UK gold at the worst possible time.
Gold is beautiful and intrinsically valuable. Sensible countries keep a significant % of their reserves in gold.
he was a fool.
“the brits are about 17th place i belive.”
Keep believing, most of the gold at the bank of england DOES NOT belong to the UK..:D..hint: The dutch and Germans are going after their gold that's being “protected” by the Fed and BOE....:D..let's see if they will get their gold back..(nah, don't think so, foolish to trust them). Fort Knox: No gold, but a HP printer (printing fiat money unlimited (QE)...lol.
Best investment I ever made was in gold sovereigns, but lots and lots of them (no VAT, just capital gains).
Admittedly the price has been higher than it is now, but not by much. I always thought the way of these things was to buy low and sell high?
You buy on dips and sell on rises.
No serious gold buyer waits six years, and you have to factor in the inflation during that time.
Quite right. A central bank doesn’t buy gold to make a quick buck (although it doesn’t hurt to do so). It is a sensible long term strategy. If you hold heaps of USD you are hostage to the Feds printer.
Fido:
Venezuela recently repatriate gold from London without any problem. Are you seriously suggesting that the Dutch and Germans have requested gold from the BoE and the latter is refusing to hand it over! Where has this been reported?
Fair enough, and in truth I could probably tell you more about gold intermetallics than I could about gold trading...
What for, AG Pesos?
Ha, ha, ha to the power googol!
They got it back, because they HAD no choice and bought it on the openmarket. Source, insidernews at zerohedgde, lars shall (gold market manipulation explained) and on the keiser report (RT).
“Are you seriously suggesting that the Dutch and Germans have requested gold from the BoE and the latter is refusing to hand it over! Where has this been reported?”
Yes I am serious, just read (see link, Keiser Report). If the Germans were refused to see their own gold by the Federal Reserve, do you really believe that the silly (more idiots) government of my country (The Netherlands) will see their gold? Answer is highly..NO. Only fools believe/trust the criminals in London and NYC. There is NO GOLD..unless they buy it on the openmarket what will make the price go skyrocket and will end the PONZI FIAT SCHEME.
maxkeiser.com/2012/11/08/german-calls-for-gold-repatriation-intensify-as-fed-refuses-to-allow-inspection/
You need to go and have a lie down in a dark room with a young lady or whatever gets you off.
You are one weird character if you believe that the UK will steal some other country out their gold.
I thought you were in the USA? Another hypocrite then!
thank you mr brown,
but in time hopefully we will grow the pile again,
just a thought.
Depends what you want them for, Pesos themselves presumably are soft, fairly resiliant and very plentiful (i.e. soft, strong and very very long)
Google has updated their maps.
Bad news is
Argentina’s disappeared .lol.
.
Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!