SEOUL, Dec 5 (Reuters) - South Korea's central bank said on Wednesday it bought 14 tonnes of gold in November using its foreign reserves in order to spread its portfolio risks, while releasing data showing total reserves rose after talk of market intervention. The Bank of Korea bought the gold for $780 million, the fourth purchase in about one-and-a-half years and lifting the proportion of gold in its total foreign reserves to 1.2 percent from the previous 0.9 percent, it said in a statement. "Gold is a physical, safe asset and allows (the country) to deal with changes in the international financial environment more effectively," it said in a statement, without providing more details on the purchase. The Bank of Korea now holds 84.4 tonnes of gold, valued at $3.76 billion in terms of purchase prices, up nearly six-fold from 14.4 tonnes before June last year.
Do not let the game get you down. That's the point. Remain patient and realize that time is on your side. There is no alternative out there now but print. It was embarked upon several years ago by the Fed and right now until stagflation becomes out of control (and we aren't even close) they WILL print. All the Central Banks know it too. This will put severe pressure on their own countries as we export our inflation. The headline price of gold IS very important in this game and they WILL try to maintain control of it as long as they can. gl