Mongolia Increases Gold Reserves to Highest Since August 2008

Mar 27 • Business, Economy, News • 814 Views • No Comments on Mongolia Increases Gold Reserves to Highest Since August 2008

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According to the Bloomberg latest news, Mongolia raised its gold reserves for a third month to the highest in more than four years in February as the metal capped its longest monthly losing streak since 1997.

The country’s holdings expanded 1.5 metric tons to 5.8 tons, the most since August 2008, according to the International Monetary Fund’s website. Kazakhstan’s holdings increased 4.9 tons, Azerbaijan’s climbed 1 ton and Ukraine’s rose 0.6 ton, the data show. Canada’s reserves dropped 0.1 ton, the Czech Republic cut them by 0.2 ton and Mexico’s holdings fell 0.1 ton.

“Given the depreciation rates of the major currencies in the world and the debt crisis, especially in the euro zone, there’s definitely a lot of room to buy gold,” Daniel Briesemann, a commodities analyst at Commerzbank AG in Frankfurt, said today by phone. “The percentage of gold in currency reserves is still very low in emerging markets, so there’s a lot of catch-up potential to the industrialized countries.”

Source: Bloomberg

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