Central banks around the globe continued to gobble up gold to add to their reserves in 2014 purchasing a total of 477 tonnes, which is a 17% jump from 2013, according to the World Gold Council.
It was the second highest year of central bank purchases in 50 years.
Russia was the stand-out buyer in 2014, as the country added 173 tonnes to its reserves. Now, Russia holds over 1,200 tonnes of gold and is the sixth largest holder of gold in the world. "They have been buying 10-25 tonnes per month over the last five to six years. The Russian central bank continues to show they are looking to continue that," said Ashish Bhatia, director of central banks and public policy at the World Gold Council.
It was the second highest year of central bank purchases in 50 years.
Russia was the stand-out buyer in 2014, as the country added 173 tonnes to its reserves. Now, Russia holds over 1,200 tonnes of gold and is the sixth largest holder of gold in the world. "They have been buying 10-25 tonnes per month over the last five to six years. The Russian central bank continues to show they are looking to continue that," said Ashish Bhatia, director of central banks and public policy at the World Gold Council.
