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Latino Daily News

Thursday May 5, 2011

Mexico Quietly Buys $4.6 Billion In Gold

Mexico Quietly Buys $4.6 Billion In Gold

Photo: Mexico buys nearly 100 tons of gold

Click Here to Enlarge Photo

Throughout February and March of 2011, Mexico’s central banks quietly bought 93.3 tons of gold, likely as a way to diversify their “reserves away from the faltering U.S. dollar,” wrote the Financial Times.

The nearly 100 tons of gold is valued at $4.6 billion, which is about 3.5 percent of all the gold mined in a year. However, Mexico is not the only country buying large amounts of gold. China, Russia, and India have done the same, with Thailand, Sri Lanka, and Bolivia making smaller but substantial purchases.