Russia, Kazakhstan Central Banks Add to Gold Reserves for 7th Month

May 28th, 2013 by


The International Monetary Fund reports that several central banks in developing nations added to their gold reserves in April, taking advantage of the historic dip in prices in the middle of the month.

The central banks of Russia and Kazakhstan both added to gold reserves for the seventh month in a row. Other central banks adding to gold reserves in April included Turkey, Belarus, Azerbaijan, and Greece.

China does not normally reveal central bank gold purchases, but Bloomberg notes that gold bullion volume almost doubled from 12,521 kg on May 23, to 22,455 kg on May 24, suggesting that Beijing is also backing up the trucks and loading up on gold.