South Korea Buys Gold for First Time in 13 Years
Source: Wall Street Journal, Se Young Lee and In-Soo Nam (8/2/11)
"South Korea moved away from the dollar and toward an investment class widely considered a safer bet during crises."
The Bank of Korea increased the amount of gold held as part of the country's foreign exchange reserves for the first time in 13 years, diversifying its portfolio away from the dollar and toward an investment class widely considered a safer bet during crises.
The central bank bought 25 metric tons of gold from the global market between June and July, bringing its total gold reserves to 39.4 tons as of the end of July. . .View full article