Thursday, December 1, 2011
Bank of Korea Buys 15 Tons of Gold for 2nd Time in 2011
The 15 tons in purchases brings the Korean Central Bank's gold holdings to 54.4 tons- a 38% increase over the past month, according to the BOK.
The BOK had previously bought 25 tons of gold during June and July- the countries first gold purchases in 13 years.
The BOK reports a total of $308.63 Billion in foreign exchange reserves. At $1750/oz, 13 tons of gold still only totals roughly 1% of BOK's reserves, up from a measly 0.7% prior to the recent purchases.
While it was not reported exactly when the BOK purchases were made, it is clear that the Bank of Korea accumulated gold professionally into price weakness near $1650-$1600 over the past month.
The BOK STACKED THE SMACK!! if you will. Professional investors (or those who would like their success to mimic professional investors) would be wise to do likewise, and accumulate PHYSICAL GOLD AND SILVER into price weakness. The worldwide financial crisis is not stabilizing, it is intensifying. The Euro is collapsing, and once its collapse is complete, all attention will finally shift to this side of the pond, and the debt/fiscal issues facing the US.
Posted by The Doc at 10:18 PM