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Brazil's gold reserve rises for first time since 2008
By Nicholas Larkin and Glenys Sim
Bloomberg News
Thursday, October 25, 2012
http://www.bloomberg.com/news/2012-10-25/brazil-s-gold-reserves-rise-for...
Brazil increased its gold reserves for the first time since December 2008 at a time when investors raised holdings in exchange-traded products to a record.
Brazil's holdings expanded 1.7 tons last month to 35.3 tons, data on the International Monetary Fund's website showed. Turkey's holdings increased 6.8 tons, and Ukraine added 0.3 ton. Russia's reserves fell by 2.2 tons, Belarus' reserves by 1.5 tons, Czech Republic by 0.3 ton, and Kazakhstan by 0.4 ton, the data show.
Central banks have been expanding reserves after the metal climbed the past 11 years and investors held a record tons in bullion-backed exchange-traded products this month, data compiled by Bloomberg show. Nations bought 254.2 tons in the first half of 2012 and may add close to 500 tons for the year, the London-based World Gold Council said in August.
... Dispatch continues below ...
Opinion Around the World Is Changing
in Favor of Gold -- Find Out Why
When Deutschebank calls gold "good money" and paper "bad money". ...
http://www.gata.org/node/11765
When the president of the German central bank, the Bundesbank, pays tribute to gold as "a timeless classic". ...
http://www.forbes.com/sites/ralphbenko/2012/09/24/signs-of-the-gold-stan...
When a leading member of the policy committee of the People's Bank of China calls the gold standard "an excellent monetary system". ...
http://www.forbes.com/sites/ralphbenko/2012/10/01/signs-of-the-gold-stan...
When a CNN reporter writes in The China Post that the "gold commission" plank in the 2012 Republican platform will "reverberate around the world". ...
http://www.thegoldstandardnow.org/key-blogs/1563-china-post-the-gop-gold...
When the Subcommittee on Domestic Monetary Policy of the U.S. House of Representatives twice called on economist, historian, and gold standard advocate Lewis E. Lehrman to testify. ...
World opinion is changing in favor of gold.
How can you learn why and what it will mean to you?
Read the newly updated and expanded edition of Lehrman's book, "The True Gold Standard."
Financial journalist James Grant says of "The True Gold Standard": "If you have ever wondered how the world can get from here to there -- from the chaos of depreciating paper to a convertible currency worthy of our children and our grandchildren -- wonder no more. The answer, brilliantly expounded, is between these covers. America has long needed a modern Alexander Hamilton. In Lewis E. Lehrman she has finally found him."
To buy a copy of "The True Gold Standard," please visit:
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"We expect strong buying by central banks to continue," said Dan Smith, a commodities analyst at Standard Chartered Plc in London. "They will be encouraged by lower prices and continued worries about inflation and currency risks."
Turkey's bullion holdings have increased due to it accepting gold in its reserve requirements from commercial banks.
Gold for immediate delivery rose 0.8 percent to $1,715.10 an ounce by 10:24 a.m. in London and has gained 9.7 percent this year. It has averaged $1,751.31 so far this month, the third-highest ever.
"If a central bank like Brazil decides to enter the gold market, it will keep buying for a longer time horizon until an optimal share of gold holdings to total asset is reached," said Bayram Dincer, an analyst at LGT Capital Management in Pfaeffikon, Switzerland. "This constant demand is price supportive."
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