Los Angeles CA, August 5 (Tangible Investments) - by James O’Dell - Precious metals prices retreated on Monday with Gold easing $6.20 or 0.48 percent to close at $1,288.30 an ounce as the dollar strengthened and investors continue to digest the surprising four percent jump in second quarter GDP and Friday's weaker than expected jobs report. Silver dipped $0.15 or 0.74 percent to close at $20.18 an ounce, while the Gold/Silver ratio, the measure of the number of Silver ounces needed to buy an ounce of Gold, inched higher to 63.84.
Recent data gathered from the International Monetary Fund (IMF) shows that most central banks continue to increase their Gold reserves, and it's helping to keep a floor under the precious metal. IMF data shows Russia, Ecuador, Kazakhstan, Kyrgyzstan, Serbia, Tajikistan, Greece and Mexico all reporting increased Gold reserves for June.
The global meltdown of 2008 triggered the current race by central banks to bolster their reserves. Russia has led the long list of nations expanding their reserves by nearly doubling its Gold reserves to 1,040.71 tons, between 2009 and 2014. India has grown its Gold reserves 56 percent during the same period to 557 tons, while China's central bank boosted its Gold reserves 75 percent in 2009 to 1,054 tons, and hasn't reported since. China is believed, however, to have accumulated much larger reserves in the meantime.
2012 was the best year in half a century for central banks to bolster their holdings, and by the end of 2013, it was estimated that global central banks held 30,500 tons of Gold, or nearly one fifth of all the Gold ever mined. Investors also prefer Gold for its safe haven appeal and as a hedge against the inflation that everyone knows is coming, particularly global central banks.
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