Foreign Central Banks Buying Gold

PRLog (Press Release) - May 10, 2011 - Foreign Central Banks all over the world jumped into gold in February and March as the dollar continued to weaken. Mexico, Russia and Thailand purchased more than $6 billion in gold reserves during those two months.

Mexico added more than 100 metric tons during the two months, while Russia nearly added 19 tons and Thailand added just over 9 tons of gold to their reserves.

Central banks are buying gold to boost reserves instead of buying United States Treasuries due to a lack of confidence in the long term value of the United States dollar. They also are displaying little faith in the strength of the United States economy.

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