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Iraq Buys Massive Cache Of Bullion In March
Posted March 25th, 2014

TANGIBLE INVESTMENTS - Los Angeles - by James O'Dell - Gold and silver rebounded modestly in choppy trade on Tuesday, with gold edging higher to $1,311.40 an ounce, while silver inched up to $19.98 an ounce, after a gathering of the world’s leading industrial powers threatened to impose additional sanctions against Russia for its annexation of Ukraine, boosting demand for the yellow metal as a haven.

 “There is some safe-haven buying because of Russia,” said Tom Power, of R.J. O’Brien & Associates, in a telephone interview. “We could also see some increase in physical demand after the big price drop.” Earlier on Tuesday Philadelphia Fed President Charles Plosser said Yellen wasn't mistaken when she said that it may be around six months after the central bank unwinds its massive quantitative easing (QE) program before interest rates will begin to rise.
 
Gold prices eased on the statement but reversed direction when the European Central Bank's (ECB) Jens Weidmann said QE is an option the bank could pursue to balance recent gains in the euro. "Of course, any private or public assets that we might buy would have to meet certain quality standards," added Weidmann.
 
Meanwhile, Bloomberg News reports that Iraq has quietly purchased 36 metric tons of gold in March, and it's the biggest purchase by any nation since 2011. Phil Flynn, of Price Futures Group, says the purchase is supportive of gold in the longer-term, even if the news failed to propel gold higher in the shorter term.
 
“But it was definitely an eye-opening purchase. It shows you that Iraq is trying to diversify their economy away from (U.S.) dollars, which they’ve had quite a few of because of their booming oil production.” According to data from the International Monetary Fund (IMF), this purchase more than doubles Iraqi gold reserves which stood at around 29.8 tons in August.
 
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