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The Bank of Korea increases its gold reserves

The bank of Korea revealed that it has purchased 25 tons of gold, allowing the country to almost triple its reserves of precious metals over the last two months...

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The gold reserves in South Korea have been significantly strengthened recently whereas the emerging countries are turning more and more towards investments in bullion.

The Bank of Korea - created in 1950 - revealed that it has purchased 25 tons of gold, allowing the country to almost triple its reserves of precious metals over the last two months...

Such purchases by the Korean institution amounted to 1.24 Billion and have been the first of this kind since 1997-1998, during the Asian financial crisis.

South Korea is the latest country to focus on gold acquisitions. Many central banks are reducing their dollars investment and seeking to diversify their reserves.

Thailand, Mexico, India, China and Russia have all purchased large quantities of precious metals in recent months.

Next Finance , August 2011

Article also available in : English | français

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