Holland and Russia increase their gold reserves
Duncan Richardson, News Editor
27 Jan 2015, 1:19 p.m.
The Netherlands added to their official gold reserves in December for the first time in 16 years. Russia also increased their gold holdings for the ninth consecutive month according to the International Monetary Fund’s latest statistics.
The Netherlands purchased 9.61 tonnes to 622.08 tonnes making their total reserves the ninth largest in the world. The purchases come only a month after the Dutch successfully repatriated 120 tonnes of gold from New York Fed.
Despite the Russian rouble falling and the economy contracting following the sudden fall in the oil price Russia purchased a further 20.73 tonnes in December to make their total holdings 1,208.23 tonnes the fifth largest.
Other Central Bank buyers included Malaysia, Belarus and Kazakhstan.
Central Bank buying can have significant impact on the price. Central Banks became net buys of gold in 2010 after two decades of slowly reducing their reserves.