Monday, August 1, 2011

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 56th to 45th.

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.

Read the full story (here)

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