Central banks increase their gold reserves

Central banks around the world increase their gold reserves, such as the Netherlands made initial purchases of bullion since 1998, and Russia increased their inventories for the ninth consecutive month, according to figures of the International Monetary Fund, cited by Bloomberg.

According to forecasts of Goldman Sachs Group purchases by central banks will continue, but at a more moderate scale than observed recently. Bank experts believe that a possible reduction of large purchases by Russia will create a risk of a decline in prices. Moscow has increased its reserves more than tripled since 2005, and this process continues despite the use of a large part of the funds for protection of the ruble, which depreciated significantly in the last year because of falling oil prices and imposed by the US and EU sanctions.

Kazakhstan has also continued to increase their gold reserves for the 27th consecutive month, according to the IMF, they already reach 6166 oz. Other countries that increase purchases of gold are Malaysia, Belarus, Greece, Kyrgyzstan and Serbia. China, which also ranks among the countries with the largest reserves, did not give official data on the size of 2009 among countries that have reduced their gold reserves are Turkey, Mexico, Tajikistan, Malta, Mongolia and Mozambique.