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central banks to buy 500tons gold in 2012

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    Hey Gold Bugs

    As the price of gold has lifted to $1750/oz on the weekend, we need to remember we are witnessing a new era of importance for gold bullion.

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    Central banks Gold purchase to hit 500 tons in 2012

    # IMF gold # gold sales # WGC

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    Central banks across the globe purchased a whopping 373.9 tons of gold in the first nine months this year and expected to hit around 500 tons by the end of the year, according to World Gold Council.

    LONDON(BullionStreet): Gold's march towards yet another yearly gain, 12th year in a row, is underlined by hectic purchase of the yellow metal by global central banks.

    Gold is now considered a safe haven for central banks, which have booked losses from the continued depreciation of US dollars, which made up 60 per cent of global international reserves.

    Central banks across the globe purchased a whopping 373.9 tons of gold in the first nine months this year and expected to hit around 500 tons by the end of the year, according to World Gold Council.

    Last year, central banks around the world were net purchasers in the year, adding to their overall gold reserves by 440 tonnes, compared with 77 tonnes in 2010.

    WGC said diversification of reserve assets remains the driving force behind gold demand by central banks and purchases of a similar order of magnitude are expected for the fourth quarter," the council said in a report released recently.

    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 an ounce, more than double their level of five years ago.

    Brazil became the latest nation to accumulate gold as the Latin American nation expanded holdings by 17.2 tonnes last month to 52.5 tonnes, the most since January 2001, according to data on the International Monetary Fund.
 
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