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MORE CENTRAL BANKS BUY GOLDViews: 698
Feb 10, 2007 4:39 pmMORE CENTRAL BANKS BUY GOLD#

me4you
MORE CENTRAL BANKS BUY GOLD

Friday, February 09, 2007 - FreeMarketNews.com

Three more central banks have begun buying gold unexpectedly, according to IMF statistics. FN Arena and Goldseek reported on the story.

Russia bought 7.45 tons of gold to increase its reserves; however, the Russian central bank had already announced its intention to increase its gold reserves last year. In a surprise move, Kazakhstan bought 7.38 tons, Greece bought 3.56 tons, and the Philippines bought 1.4 tons.

Analyzing the data, Blanchard & Company believes that the purchases are a very bullish indicator for gold. In the past, central banks have been net sellers of the precious metal; however, that could reverse if more countries begin to accumulate it.

Staff Reports - Free-Market News Network

Web Address: http://www.FreeMarketNews.com/WorldNews.asp?nid=33771

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