Gold reserves at highest level since 2007

December gold reserves in the Netherlands have increased to 20 million. Ounces, or 622 tons, which is the highest level since 2007. Russia, which has the fifth largest gold reserves in the world, it has increased to 38.8 million. ounces last month, which reached levels of Soviet times.

Price increase

According to the World Gold Council purchases of gold by central banks worldwide in 2014 amounted to between 400 and 500 tons. Gold began rising slightly in recent months after two years of decline due to increased demand for safe assets. Analysts like Barnabas Gan from OCBC can not expect strong appreciation, because a strong dollar and improving US economy will curb demand for such assets.

Since the beginning of 2015 investment in gold-backed exchange-traded products rose 3.1% on fears of slowing global economic growth and the decision of the European Central Bank to start printing money. Gold has appreciated by 8.3 percent this year, last week quotes briefly crossed the border of $ 1300 per ounce. Price increases are also supported by speculation that the Fed will delay raising interest rates expected.

The Bank of England holds gold as insurance in case of turmoil in the worlds money markets and its reserves are worth around GBP4 billion. It has held gold reserves for over 300 years. In 1999, the bank undertook a major restructuring of its gold reserves and auctioned off a large portion of its holdings. This step was undertaken in order to improve the banks portfolio and increase its holding in currency. Almost 400 tonnes of gold were sold off in this manner