Three central banks that have been loading up on gold
The International Monetary Fund has reported that the central banks of Russia, Turkey and South Korea all beefed up their bullion holdings in February and March, before the massive $225-drop in gold prices from April 12-15.
Turkey boosted its holdings by 33 tons and Russia, the world’s number eight holder of gold, added 4.7 tons to its reserves in March.
South Korea bought 20 tons in February, increasing its gold total to 104 tons.
By Thursday at 7pm EST gold had clawed back over 50% of its lost value since the dramatic dip 10 days ago, reaching $1,464/oz.
Sources: The International Monetary Fund; Reuters