By Nicholas Larkin
Bloomberg News
Thursday, February 14, 2013
http://www.bloomberg.com/news/2013-02-14/gold-council-sees-central-bank-...
LONDON -- Central banks added the most gold to reserves in almost a
half century last year as prices averaged a record, the World Gold Council
said.
The banks bought 145 metric tons in the fourth quarter, an eighth
successive quarter of net buying, the London-based industry group said today
in a report. They added 534.6 tons to reserves last year, 17 percent more
than in 2011 and the most since 1964, the report estimates.
Nations from Brazil to Russia are adding the metal to reserves at a
time when investors are holding a near-record amount through gold-backed
exchange-traded products. Bullion gained for a 12th straight year in 2012,
the best run in at least nine decades, averaging $1,669 an ounce through the
12 months.
"We think that the current rate of net central bank purchasing,
driven by emerging countries, is likely to continue to be very strong,"
Marcus Grubb, managing director of investment research at the council, said
yesterday by phone from London. "This is very much due to a desire to
diversify away from over-reliance from the dollar and the euro."
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