Russia and surprisingly the Netherlands were the largest central bank buyers in December – accumulating a significant 30.34 tonnes between them as currency wars intensify.
The Netherlands, which has the ninth-biggest gold reserves, raised its bullion holdings for the first time in 17 years. It added 9.61 tonnes to bring total gold reserves to 622.08 tonnes.
Russia raised its gold reserves for a ninth straight month in December as the country continued its multi-month gold buying spree, adding to the fifth-biggest gold holdings in the world, data from the IMF showed yesterday.
Russia continues to dollar cost average into gold and increased its bullion holdings by another hefty 20.73 tonnes to 1,208.23 tonnes in December.
*Update: The Dutch Central Bank has quickly denied that the Netherlands have increased gold reserves for the first time in 17 years- is the cat out of the bag that quietly a global Central Bank gold run has begun?