Currency Wars – Russia Buys 20.7 Tonnes Of Gold In December; Netherlands Refutes IMF Gold Data
UPDATE: Since we published our blog this morning, the Dutch central bank has denied that it added to its gold reserves in December.
De Nederlandsche Bank, the Dutch central bank has denied reports in Reuters, Bloomberg and picked up by GoldCore, that the bank had increased its gold holdings for the first time in sixteen years. IMF data had shown that the Dutch had increased their holdings to 622.08 tonnes.
“De Nederlandsche Bank has not increased its gold holdings. Several media reported this Tuesday that based on IMF figures, DNB’s gold stock increased in December 2014. This is incorrect,” it said on its website.
The DNB’s correct and current gold holdings consist of 19.691 million troy ounces (612.5 tonnes), the tenth largest holder of the metal in the world, according to the World Gold Council’s January data.
We believe that it is only a matter of time before a European or other central bank begins to emulate China and Russia and starts accumulating gold. Today’s error may portend tomorrow’s reality. It is important to note that while Dutch central bank gold accumulation would have been a very significant development, Russia’s steady and robust accumulation of gold is very important. It came at a time when some analysts were suggesting and there was much chatter that Russia would sell gold reserves.
GOLDCORE’s BLOG THIS MORNING:
DUTCH AND RUSSIAN CENTRAL BANK BUY 30 TONNES OF GOLD IN DECEMBER
Russia and surprisingly the Netherlands were the largest central bank buyers in December – accumulating a significant 30.34 tonnes between them as currency wars intensify.
Demand for gold as a diversification and monetary asset continues to be very robust and central banks remain net buyers of gold which should be supportive of prices.
…click on the above link to read the rest of the article…
