Posted by: youngragingbull | February 14, 2013

Word on the Street: Central banks craved gold in 2012

The world’s central banks last year bought 534.6 tons of gold in 2012, the most since 1964, as global gold demand hit a record value level, the World Gold Council said Thursday in a quarterly report.

Purchases by central banks for the full year rose 17% compared with 2011, while fourth-quarter purchases of 145 tons marked a 29% rise from the same period a year earlier.

In value terms, total gold demand in 2012 was $236.4 billion, an all-time high, the council said.

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