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Countries Buying the World's Gold

Gold prices collapsed earlier this week one of the biggest selloffs on record  — but some of the world's central banks are still buying up large amounts of the precious metal. Specifically, the central banks of six countries are adding gold to their official foreign reserves, according to The World Gold Council's most recent report on global central bank holdings. These six nations have purchased large amounts of gold so far in 2013 or throughout 2012. And if their buying continues, their gold demand could offset some of selling pressure (which has driven gold price to below $1,400) in the future. Some nations may indeed continue buying because of central bank or currency issues.This content was originally published on 24/7 Wall St.Of course, a major market concern is that Cyprus is now likely a gold reserve seller. The World Gold Council shows that Cyprus's 2013 gold reserve is only 13.9 tonnes, which is 61.9% of the small nation's total foreign reserves. Concerns about selling from C...

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