The Central Bank of South Korea bought gold for the first time in 13 years

The Central Bank of South Korea has confirmed the purchase of gold for the first time in 13 years since 1998. Korea has bought 25 tons of gold to diversify its gold and foreign exchange reserves, as it is gold that is currently one of the safest investments. against the background of an unstable dollar and euro, as well as securities …

According to the BBC, the South Korean Central Bank’s decision to buy gold was motivated by concerns about the future of the dollar as a world reserve currency.

Representatives of the South Korean Central Bank said the purchase was made in June-July 2011. Now the total volume of gold reserves in South Korea is 39.4 tons. South Korea ranks 45th in the list of official countries with gold in its accumulated gold and foreign exchange reserves.

In this way, the Central Bank of South Korea has become another buyer of gold among other central banks in the world, which since 2010 have become net buyers of gold, although before, for 20 years, they sold it.

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