Central banks in developing countries bought more than $ 10 billion in gold this year for their foreign exchange reserves, meaning a loss of confidence in Western countries ’debt bonds and currencies like the euro and dollar.
Data from the International Monetary Fund (IMF) in June 2011 showed that Thailand had already bought gold twice this year, increasing its reserves by 19 tonnes to 127 tonnes of gold, while Russia bought 5.85 tonnes in June 2011. gold, increasing its gold reserves to 836.7 tons. Russia ranks eighth in the list of official countries that own gold.
Thus, the central banks of developing countries already bought 180 tons of gold in the first half of 2011, although in the whole of 2010 the world central banks bought about 73 tons.
The spot price of gold in the first half of 2011 has already risen 17%, reaching an all-time high of $ 1,672.25 per ounce. One of the main drivers of gold prices is the fear of investments by developing countries about the debt problems of Western countries and their slow development.