onsdag 13 juni 2012

Kazakhstan the best country in the world...

ASTANA(BullionStreet): Following it's decision to cut the euro's share in it's reserves, Kazakhstan's central bank said it plans to boost the sahre of gold in forex reserves to 20 percent.

According to National Bank of Kazakhstan, gold shares will be heightened to 20 percent from the present 15 percent.

The Bank said it has plans to buy as much as 70 tons of gold a year and set a target of 24.5 tonnes of gold this year. The Bank had already bought 10.3 metric tons in the first five months of the year.

In a statement the bank said it began purchasing of the affiliated gold in July last year, including 5.4 tons for the 2011as per a decree from Kazakhstan president.

National Bank has entered into agreements with JSC "Kazzinc" and "Kazakhmys" for the purchase of more than 24 tones of affiliated gold this year.

Kazakhstan cut the euro's share in its reserves by 5 percentage points this year, joining other central banks in pulling money out of the currency amid a deepening debt crisis in Europe.

Okej, om vi tittar på siffran 70 ton så kan den då sättas i relation till runt 2800 ton världsproduktion och kanske ännu mer relevant uppgifterna om att världens centralbanker skulle handla runt 400 ton årligen.

Minst lika intressant är hur valutaoro får en Centralbank att öka andelen guld på bekostnad av den valuta som för tillfället ser sämst ut, i detta fallet Euron men jag vågar lova att vi kommande år kommer ha anledning att känna oro även för andra "världsvalutor".

Kazakh central bank aiming for 20% of reserves in gold
According to Kazakhstan's deputy central bank chairman, the central bank plans to boost the share of gold in its gold and foreign currency reserves to 20% from 14-15%
 Author: Raushan Nurshayeva
 Posted:  Wednesday , 13 Jun 2012

ASTANA (Reuters)  - 
Kazakhstan's central bank plans to boost the share of gold in its gold and foreign currency reserves to 20 percent from 14-15 percent, deputy bank chairman Bisengali Tadzhiyakov said on Wednesday.

Tadzhiyakov, who gave no time frame for the move, said last week Kazakhstan planned to buy 22 tonnes of gold from local producers, which at that time he estimated would boost the share of the metal to 15 percent from about 12 percent.

"We will buy from Kazzinc corporation 20 tonnes (of gold) in 2012, and a further 4.5 tonnes from Kazakhmys," he told journalists on Wednesday, reading out updated figures from his report prepared for presentation in parliament.

"The total volume is 24.5 tonnes."

The central bank also announced last week that it would cut its holdings in the ailing euro currency to 25 percent from 30 percent.

Former Soviet Kazakhstan is one of a number of countries, including Russia, Mexico, Colombia and South Korea, that have built up their official gold holdings in recent years.

Most buying has been seen from Asian and emerging market central banks, which typically hold a smaller proportion of their currency reserves in bullion than developed economies.

Official sector gold purchases rose to their highest since the mid-1960s last year, metals consultancy GFMS has said, largely as developing countries diversified their foreign exchange holdings in response to the sovereign debt crisis.

Only one refinery in Kazakhstan, operated by Glencore-owned miner Kazzinc in the east of the country, refines ingot to international standards. Copper miner Kazakhmys refines gold at another plant to meet domestic standards.

The central bank currently purchases all of the gold produced in Kazakhstan. Its net gold and foreign currency reserves totalled $33.8 billion at the end of May, 17 percent more than at the end of last year.

"Earlier we had between 7 percent and 9 percent (of gold) in the structure of our reserves. Today it's already 14 or even almost 15 percent," Tadzhiyakov said.

"In line with our concept, we plan to raise (the gold share) to 20 percent," he said, giving no time frame for the increase. "Our task for the time being is not to push away our gold producers. We keep buying (gold)."

Tadzhiyakov said the central bank had bought 5.3 tonnes of gold last year. He said the bank had purchased another 10.3 tonnes since the start of 2012.

Kazakhstan's refined gold output totalled 16.6 tonnes in 2011, data published by the State Statistics Agency show.

Kazakh central bank governor Grigory Marchenko told reporters last week that the bank had amassed more than 100 tonnes of gold in its reserves. (Reporting by Raushan Nurshayeva; Writing by Dmitry Solovyov; Editing by Dan Lalor and Mark Potter)
It is a matter of record that the official sector is building its gold reserves. Thomson Reuters GFMS' Gold Survey of 2012 identifies net central bank purchases of 455 tonnes in 2011, which was only the second increase since 1988 (the first was in 2010) and the largest since 1964. Central bankers remain concerned by the disproportionate level of dollars in reserves as well as fiat currency risk as a whole, intensified by the sovereign debt crisis in the Eurozone.
Recent official sector gold buyers have included Mexico (over 100 tonnes since February 2011) and Turkey (the increase in the latter's reserves includes the acceptance of commercial banks' gold into its reserves), while Russia has continued its uptake and Kazakhstan has been absorbing gold; indeed the Kazakh central bank was reported to have stated in early June that its gold holdings, of which it already has 100 tonnes, should account for 15 percent of reserves.
Calculations from the latest IMF figures suggest that Kazakh gold holdings were at 15 percent at end-April; this implies a steady monitoring of the position rather than sizeable future purchases.
And what of emerging Asian nations, where local demand is so strong in terms of gold per unit of GDP?
The first large-scale increase in reported holdings in recent years was the increase in China in April 2009, when reserves were reported at 1,054 tonnes, up from 600 tonnes.
India acquired 200 tonnes in November 2009 from the IMF disposals (an increase of 56 percent in Indian gold reserves), while the Philippines continues to absorb a proportion of local production and Thailand has raised its holdings by more than 80 percent since mid-2010.
Possibly the most significant change, though, is that in South Korea. Although the tonnage involved is small, at just 40 tonnes since May 2009, it is an increase of 180 percent over the period. It still means that gold comprises just 1 percent of Korea's total foreign exchange reserves, however.
To take gold to a weighting of 10 percent, would, at current prices, entail the absorption of 630 tonnes. A tall order, and not a policy that the South Korean central bank has espoused, but it is not beyond the stretch of imagination.
The lack of any notable increase in South Korean central bank gold holdings between 1998 (when more than 250 tonnes of local privately-held gold was mobilized and sold into the market in order to increase domestic liquidity during the Asian financial crisis) and 2010 suggests a phlegmatic attitude to renewed instability in the region.
The recent additions to the central bank's reserves could now suggest a more cautious approach to fiat currencies as a whole and the dollar in particular, even though the tonnage involved is minimal.

Med sedvanlig usel koppling så... i och med att Borat sjöng om Potassium i Kazakhstan, varför inte rekommendera följande utmärkta länk för att se ny video om Allana där VD intervjuas. Kan tyvärr inte läggas in direkt här.

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