South Korea increased its gold reserves by 16 tonnes in July, a 30% increase in a single month!
The dollar’s death by a thousand cuts is enduring massive flesh wounds as central banks are accumulating gold frantically into price weakness.
Have you stacked the smack and increased your physical holdings of gold and silver into their price weakness??
* S.Korea raises gold reserves by nearly 30 pct to 70.4 tonnes * S.Korea’s third gold purchase since last June * Stabilizing markets in July allow it to pursue purchase
SEOUL/SINGAPORE, Aug 2 (Reuters) – South Korea boosted its gold holdings by nearly a third in July, buying 16 tonnes as part of the central bank’s efforts to diversify its massive foreign exchange reserves. South Korea is Asia’s fourth largest economy and its central bank said on Thursday that it now holds 70.4 tonnes of gold, after paying $810 million last month for the purchase. The increase barely lifted gold prices but supported expectations that central banks will remain gold’s key buyer as increased volatility in global markets and waning confidence in the U.S. dollar fuel a global drive to vary foreign reserves away from the U.S. currency and government debt securities. “The markets were stable in July and we judged the conditions were good for us to make the purchase then,” said Lee Jung, head of the investment strategy team at the Bank of Korea’s reserve investment division.