Pacific Gold Corp fka PCFG

[WhiteSahara]

One reason gold is flying today is because of South Korea's purchase of 25 tons of gold. Yes, tons or tonnes or however you want to spell it. They spent $1 billion dollars on the exchange, their first purchase since 1997-8. All this was done to mitigate investment risk. Here's the story:

South Korea Buys 25 Tons of Gold

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SEOUL (Commodity Online) : World’s 56th largest holder of Gold bullion, South Korea added to its treasure another 25 tonnes of gold bringing its total gold reserves to 39.4 tonnes as of the end of July.

According to country’s central bank, the BOK, It was the first time the bank has bought gold since it purchased the precious metal from Koreans during the 1997-1998 East Asian financial crisis.

Asia’s fourth largest economy, South Korea’s foreign reserves reached $311.03 billion as of the end of July, up $6.55 billion from June.

Foreign reserves consist of securities and deposits dominated in overseas currencies, along with International Monetary Fund (IMF) reserve positions, special drawing rights and gold bullion.

In addition, Korea's holding of gold bullion surged to $1.32 billion in July, compared with $80 million the previous month, the BOK said.

The move came as South Korea purchased Gold bullion as part of its efforts to minimize investment risk by diversifying its portfolio.

As of the end of June, Korea was the world's seventh-largest holder of foreign exchange reserves after China, Japan, Russia, Taiwan, Brazil and India.

Foreign reserves have been on the rise as dollar inflows have increased amid robust exports and foreign investors' sustained buying of Korean assets.

The reserves exceeded the $300 billion level for the first time in April after they rose above the $200 billion mark in February 2005.

The world's central banks have rushed to buy gold, since they believe the metal will replace the greenback when the dollar's status as the world's leading currency weakens.

http://www.commodityonline.com/news/South-Korea-buys-25-tons-of-gold-41262-3-1.html