Buying Gold Spree Takes Russia to World No.8

LATEST DATA compiled by market-development group the World Gold Council shows Russia buying 65 tonnes of Gold Bullion for its official reserves since July.

Now holding 775 tonnes of Gold Bullion in total, Russia overtook Japan to reach 8th place in the league table of national gold holders.

All told, central banks worldwide continued Buying Gold totalling 91.5 tonnes between July and November. Sovereign states turned net buyers in 2009, led Asian and other emerging-economy banks, after 20 years of net selling, then led by European banks reducing their reserves.

"Interest in the metal is broad-based [but] the official sector continues to be an active buyer of gold," notes a new report from French bank BNP Paribas, setting a new price of target of $1500 per ounce for 2011.

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