The International Monetary Fund (IMF), has reported that central banks bought 70.3 tonnes of gold ingots in the month of April 2012. If central banks continue at this rate of purchase of gold, they will exceed official purchases of 430 tons in 2011. As the financial crisis in Europe continues worsening and central banks, including the United Kingdom and Japan continue printing money, emerging countries and Asian central banks increase their reserves of gold to diversify and as an insurance policy since the Asian cultures perceive gold differently to us in the West. The Philippines was in the month of March 2012 the largest official buyer of gold: 32 tons. 20% Of Philippine currency reserves are in gold.
This is the seventh consecutive month in which the central bank of the Philippines increased their gold reserves. The central bank of Turkey was the main buyer in April 2012 with 29.7 tonnes of gold. Mexico bought 78 tons of ingots of gold in early 2011. It sounds like a bubble if buyers are involved, while gold prices fall as it has happened these past months? If it were a bubble, they would be selling to decrease prices, hoping to get out at any price, until they collapse altogether quotes. The Bank of Mexico acquired 2.92 tons of gold ingots in April, while Kazakhstan bought 2.02 tons in April and for the fifth consecutive month. Sri Lanka has increased its reserves in little more than two tons of gold since the beginning of 2012. Although it is not a great buyer of gold in terms of ton ingots, gold represents today an incredible 39% of the reserves of the central bank of Sri Lanka. Between the months of January and April 2012: the central bank of Turkey bought 44 tons of gold the central bank of Russia bought 12.9 tons of gold the central bank of Mexico purchased 19.5 tons of gold the central bank of the Philippines bought 35.1 tons of gold if you carefully follow the news about the global economy, will see that the people is protecting your financial future by buying the only thing that was revalued with the passage of time: Gold do you what are you waiting for?
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