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Russia & Mexico Buy Gold Worth Nearly $1B in March

Ukraine, Czech Republic and Belarus also had modest increases in their gold reserves.

Central banks are expanding reserves due to concerns about the dollar, euro, sterling and all fiat currencies.

There is an increasing realization amongst central bankers that gold is a less risky alternative to most paper currencies and a recent survey showed that that majority of central bank reserves managers were favorable towards gold. 

Signifying the mood of caution among the world’s central bankers, 71% of those polled said gold was a more attractive investment than it had been at the start of last year.

Central banks added 439.7 tons last year, the most in almost five decades, and may buy a similar amount if not more in 2012, the World Gold Council and many analysts believe. 

Turkey’s central bank increased the proportion of required reserves that commercial banks can deposit in gold last year. The changes have increased the amount of bullion the country, which owns 209.6 tons, declares in its official reserves. 

Gold accounts for about 3.9% of Mexico’s total reserves and 9.7% of Russia’s, according to the World Gold Council. That compares with more than 70% for the U.S. and Germany, the biggest bullion holders, the data show.

The IMF data records the People’s Bank of China data showing that at the end of March China’s gold reserves remained unchanged at 33.88 million ounces.

This seems hard to believe and it remains likely that China is again quietly accumulating gold reserves and the PBoC will announce a material increase in their reserves when they are ready to do so.

Other  News (Bloomberg) — Russian Gold Holdings Rise to 28.8 Million Troy Ounces in March

Russia’s central bank increased its gold holdings to 28.8 million troy ounces last month, from 28.3 million troy ounces at the end of February, according to a statement published on its website today.

The stockpile was valued at $47.8 billion as of April 1, compared with $50.2 billion a month earlier, Bank Rossii said.

(Bloomberg) — Gold Is ‘Still in An Uptrend,’ Credit Suisse Says in Report

Gold is “still in an uptrend and with the exception of silver, the sector is not overvalued,” Credit Suisse said in an e-mailed report today.

(PTI) — India Post offers 6 pc discount on gold coins 

India Post today said it will offer a six per cent discount on gold coins on the occasion of Akshya Tritya.

Customers would be able to purchase gold coins of any denomination and get a six per cent discount from across 31 designated post offices in the Delhi Postal Circle, India Post said in a statement.

These include post offices in Ashok Vihar, Civil Lines, Connaught Place, Greater Kailash, Hauz Khas, Janakpuri B-I and Paschim Vihar, among others.

‘Akshya Tritya’, a day in the Hindu calendar, is considered auspicious for buying the precious metal. Also known as ‘Akha Teej’, Akshya Tritya this year will be celebrated on April 24. The gold coins are available in denominations of 0.5 grams, 1 grams, 5 grams, 8 grams, 10 grams, 20 grams and 50 grams of 24 carat with 99.99% purity.

India Post, in association with World Gold Council and Reliance Money Infrastructure Ltd, commenced the sale of gold coins manufactured by Valcambi, Switzerland. This arrangement was started in October 2008.

India Post at present sells gold coins through more than 800 post offices across the country.

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