Russia, Mexico Among Many Nations Adding to Gold Reserves

Several countries across the globe continued to diversify their reserves into gold during the month of March, according to the International Monetary Fund (IMF).
Mexico purchased the largest amount of the yellow metal, 16.81 tons, bringing its total to 122.6 tons.  Russia’s holdings rose by 16.55 tons to 895.75, while Turkey purchased 11.5 tons to lift its holdings to 209.60.  Other nations that purchased gold in March included Argentina, the Czech Republic, Kazakhstan, Ukraine, Tajikistan, and Belarus.
According to the data, 71% of central bankers polled by the IMF expressed their belief that gold is a more attractive asset class in which to invest now than it was at the beginning of 2011.
COMEX gold futures settled higher this afternoon, by $11.20, or 0.7%, at $1,643.80 per ounce.
Commenting on the data, Bayram Dincer – an analyst at LGT Capital Management in Pfaeffikon, Switzerland – stated in a Bloomberg report that “We expect that the recent trend of the official sector being a net buyer will continue in the medium and long term. Gold will continue to be a preferred central bank reserve asset. It is currency protection and stabilization.”

source : http://www.goldalert.com/2012/04/russia-mexico-among-many-nations-adding-to-gold-reserves/