New York, NY (PRWEB) March 29, 2013
A large number of the world’s central banks have been upping the amount of gold reserves in their vaults over the last few months. South Korea (20 metric tons) and Russia (19.2 metric tons) are the leading buyers in 2013, while Kazakhstan (6.6 metric tons), Indonesia (1.9 metric tons), Bosnia (1 metric ton) and Herzegovina (1 metric ton) also made substantial increases in their gold holdings. The eastern European nation of Azerbaijan has bought 2 metric tons so far in 2013 after holding no gold for over a decade. having zero gold reserves in over a decade. Investment bank UBS released a report this week that showed the world’s central banks purchased a total of 54 metric tons of gold in January and February alone.
Gold has been on a downward trend since last October, and some economists have blamed the world’s central banks of lying about a global economic recovery to motivate investors to return to paper-backed investments while the central banks themselves take advantage of lower gold prices. The recent surge in gold coin sales by mints, exchanges and dealers, however, portrays the average household investor as wary, even distrustful, of governments’ claims that a true recovery is underway.
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