Wednesday, 29th September 2004 (3342 views)

New reports have shown that Argentina's central bank has upped its gold reserves by purchasing more of the precious metal in July and August.

The amount of reserves for the bank now stand at 55.1 tonnes, after purchasing 42 tonnes of gold in the first half of 2004.

Dealers claim that Argentina could be following suit in the recent trend by developing countries to move towards the precious metal.

Statistics show that in June the bank's reserves were at 1.37 million ounces (42.6 tonnes), which then jumped up to 1.72 million ounces (53.5 tonnes) in July.

 

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