from Gold Core:
Central bank gold buying surged another 17% last year as countries outside of the Western hemisphere continue to stockpile the only currency with no counterparty risk.
Russia was by far the largest buyer. Its purchases made up a staggering 36% of total central bank buying. In total, central banks bought 477 tonnes of the precious metal last year of which 173 tonnes flowed into Russia, according to a report from the World Gold Council.
Interestingly, Kazakhstan – Russia’s main partner in the Eurasian Economic Area (EAEA) – was the second largest central bank buyer last year, having acquired 48 tonnes.
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