Financial Crisis Prompts Central Banks to Add to Gold Reserves

Mineweb reported that as world leaders meet to discuss the global financial situation, central banks are buying more gold.

As quoted in the market news:

Central banks gold purchase during April included purchases from Mexico (2.9 tons), Kazakhstan (2 tons) and Ukraine (1.4 tons). The Philippines added 1.033 million ounces (32 tons) in March with gold now at 13.6% of its total reserves. This is the second largest monthly Central Bank’s purchase after Mexico’s purchase of 2.5 million ounces in March 2011.

Click here to read the full Mineweb report.