Countries With The Biggest Gold Reserves

Gold is tumbling today, trading at about $1,672.70.

It’s well off its  52-week high of $1,918.10 per ounce.

Prices fell after the dollar rallied on  concerns over Greece’s debt swap and inflation stayed low in developed  countries.

 

In 2011, global central banks continued to be net buyers of gold as they  attempted to diversify from their dollar and euro holdings, rebalance reserves,  and protect national wealth.

Purchases by central banks surged to 439.7 tonnes in 2011,  from 77 tonnes the previous year, according to the World  Gold Council (WGC).

Mexico, Russia and South Korea were some of the largest  buyers of gold. At 90.5 percent, Portugal is the country with the highest  percent of its foreign reserves in gold.

Posted by Riki Capone

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