"It's a new entry into the mix after a seven-year hiatus," UBS analyst marvels
Argentina added to its
gold reserves for the first time in nearly six years in September 2011 as the price hit record highs, mirroring the trend among emerging central banks to diversify further from paper currencies such as the U.S. dollar.
Data from the International Monetary Fund on Tuesday showed Latin America's third-largest economy added some 7 tonnes of
gold to its holdings, bringing its reserves to 61.74 tonnes in September last year, when the spot
gold price hit all-time peaks of $1,920.30 an ounce.
This was the first addition by Buenos Aires to its
gold reserves since February 2005, according to the IMF's monthly international finance statistics report.
"To me the most interesting central-banks headline this morning is that of Argentina. It's a new entry into the mix after a seven-year hiatus, its inflation is running at nearly 10 percent," Edel Tully,
precious metals strategist at UBS, said.
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