Bank of Korea buys gold – Reuters

Reuters reports that Korea’s central bank bought 25 tonnes of gold over the past two months.  It was the first purchase in more than a decade.  Reuters writes,

The Bank of Korea said in a statement its latest gold purchase was valued at $1.24 billion. It did not say whether it had bought gold bullion or funds.

At 25 tonnes of gold, equivalent to 803,769 ounces, the average price paid comes to $1,543 an ounce, based on Reuters calculations.

Not sure what this signals, but pretty certain the BoK won’t be flipping it out anytime soon. We’ve been all over the Central Bank/gold story long before it became chic.  See here and here.

(click here if chart is not observable)

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This entry was posted in Currency, Gold, Uncategorized and tagged , . Bookmark the permalink.

One Response to Bank of Korea buys gold – Reuters

  1. Pingback: Gold is the New Deutsche Mark | Credit Writedowns

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