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Russia's Gold Reserves Grow 2%
August 21, 2012 01:37

Russian gold reserves rose 2 percent in July as a result of the Central Bank’s drive to buy up the precious metal amid falling prices on the markets, totaling 30.1 million ounces (or 936.1 tonnes) on August 1 against 29.5 ounces (917.45 tonnes) on July 1.

During the first seven months of 2012, the Central Bank purchased 53 tonnes of gold. It bought 93.3 tonnes last year, and 152.3 tonnes in 2010.

The effort by the financial institution to stock up on gold is in line with investors’ reviving interest to the metal. John Paulson, George Soros, central banks of Kazakhstan, Ukraine and the Philippines have channeled significant finances to invest in what is more and more seen as a safe haven ahead of the looming second wave of the crisis.

Their enthusiasm has one more reason – the average 2Q 2012 price is now relatively low, standing at $1611.8 an ounce, a 6.9 percent higher than the previous year but 4.7 percent lower than the 1Q 2012 figures. The drop is accounted for by sagging demand in China and India, generally responsible for a large share of investment. This year, faced with a worryingly slow economic recovery, the jewelry industries in both Asian giants have opted to play safe.

They are expected to come back to the markets soon, however, since gold is becoming a much safer source of liquidity during turbulent times that currencies. According to Paul Higgins, economist at Capital Economics, gold prices could rocket to $2,000 an ounce as early as the year’s end.

Now, if you are in Moscow and looking to make your own investment into gold or flying in soon, make sure you arrive between September 15 and 19, 2012 to attend one of Russia’s biggest events in the jewelry industry, JUNWEX 2012 Moscow to be held at the All-Russian Exhibition Centre. It will feature some 700 domestic and foreign companies boasting their products so make sure to contact Russia-IC for more information, including tickets, accommodation and useful tips. Below are some reports from JUNWEX 2011.


Author: Mikhail Vesely

Tags: Russian economy Russian banks Central Bank   

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