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Foreign Central Banks Buying Gold

Foreign Central Banks all over the world jumped into gold in February and March as the dollar continued to weaken.

 
PRLog - 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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Source:Global Gold Group
Country:United States
Industry:Jewelry, Banking, Government
Tags:central bank, reserve, banker, international, buy gold, gold coins, dollar, economy, inflation, gold reserve, government
Shortcut:prlog.org/11483818
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