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Azerbaijan is Buying Up Gold




Another country to hoard gold is Azerbaijan. According to an article by ABC.az, Azerbaijan has bought 1 tonne of gold in London.

Has bought and placed the first tonne of physical gold in the safety vaults of the Azeri Central Bank in Baku.

The gold was purchased at the London Stock Exchange of Precious Metals (LBMA).

Azerbaijan's Central Bank has bought exactly 32.150 troy ounces of gold. It's slightly more than a metric tonne.

Initially, the country of Azerbaijan wanted to store its gold at JP Morgan's vaults in London, but later decided to transfer all of the bullion to Baku.

One can observe a tendency towards gold purchases (China, India etc.) and gold repatriation (Venezuela, Germany). It has become a trend: countries are buying and repatriating their gold, it's not just the small players (small investors and the population that's investing in gold).

Multiple batches of gold have been purchased during 2012. The total amount accumulated has reached 15 tonnes by the end of the year.





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