Real gold or paper gold? And who has actual custody of it? Nobody's asking so the central bank isn't telling. So much for financial journalism.
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By Christine Kim Reuters Thursday, August 2, 2012
SEOUL, South Korea -- South Korea's central bank said today it bought 16 tonnes of gold in July as easing financial markets after a turbulent June allowed it to push ahead with efforts to diversify its massive foreign exchange reserves.
It put the total value of the purchase, which was made on multiple occasions during July and boosted its gold holdings to 70.4 tonnes, at $810 million, slightly less than $850 million it spent buying 15 tonnes of gold in November last year.
"The markets were stable in July and we judged the conditions were good for us to make the purchase then," said Lee Jung, head of the Investment Strategy Team at the Bank of Korea's Reserve Investment Division.
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