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Reuters: Bank of Korea buys gold, first time since 97-98 crisis.....

841 Views 1 Reply 2 Participants Last post by  Doginit
The Bank of Korea purchased 25 tons over the last two months, but wouldn't say if they planned on purchasing any more. Neither would they confirm or deny that they also purchased beans and another case of x39 ammo.:D:

Gold steady after Bank of Korea purchase

* Bank of Korea says it bought gold in June-July

* It declined to say if it plans to buy more gold

By Yoo Choonsik and Kim Yeonhee

SEOUL, Aug 2 (Reuters) - South Korea's central bank bought 25 tonnes of gold over the past two months in its first purchase in more than a decade, saying the time was ripe to boost its gold holding, but markets barely moved on the news.

A brittle global economic recovery and precarious debt situations in the United States and Europe have boosted the safe-haven appeal of gold, lifting bullion to a series of record highs in July, as investors and central banks chased prices higher.

The central bank of Asia's fourth-largest economy said that, with prices hovering near historic highs, gold looked less lucrative as an investment but it was the right time to buy gold because its foreign reserves had risen above $300 billion.

News of the Bank of Korea's purchase barely moved spot gold which was steady at $1,617.89 an ounce by 2236 GMT, but analysts said it was supportive of prices. Gold hit a record high of $1,632.30 on Friday.

"Any news about central banks buying gold reassures consumers and other major players who are already looking at gold as an investment," said Jeffrey Pritchard, analyst at California-based commodities futures and options brokerage Altavest Worldwide Trading. Continued...
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