South Korea: $1 Billion In Gold

Bank of Korea (South Korea) announced that it has purchased 25 tons of gold in the past two months, at a cost of $1.24 billion for 803,769 ounces, representing a per ounce price of $1,543.00, to increase its gold holdings. This moves South Korea up the list of central banks holding gold from 56^th to 45^th.

While purchasing the gold below current market value, the fact that another Sovereign Central Bank has chosen to increase its gold holdings at a time of historical high gold prices suggest that the price of gold has a long way to go, and supports the premise of SHTF America that Central Bankers have begun to prepare for a new global currency based upon precious metals. Get yours.

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