Gold Hits Its Highest Peak

On Wednesday, November 30, gold hit its highest peak in close to two weeks. This occurred after the dollar's worth fell when leading central banks revealed that they planned a move in hopes of escaping a worldwide liquidity crunch. Spot gold's price is also on the rise, it climbed 2% today, hitting its highest peak since November 17.

Some leading people of the financial world believe that the choices made by the leading central banks and other top institutions such as the People's Bank of China will effect the price and gold and its price will continually rise. A strategist for precious metals named Matthew Turner said "The outlook remains dependent on such actions, who knows what the central banks will do next- probably not even the central banks themselves."

Usually, gold can help during economic crisis or financial and stock market upheaval  for the reason that it presents security in case inflation takes off. Gold is also useful in that the gold can be quickly converted into hard currency, offering the owner some type of protection in a financial market downward spiral. Many believe we are already heading towards a destruction and destabilization of the global financial markets. Their advice is to purchase gold, because even if the dollar fails completely, gold will retain its financial value.

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Dow Jones: Russian Central Bank Wants to Purchase 100 Tons of Gold by the End of 2011

So far in 2011, the Central Bank of Russia has purchased 90 metric tons of gold and is well on it's way to purchasing 100 tons before the year's end, so says deputy head of the bank Sergey Shevtsov.

The bank has already stated that it plans on buying 100 tons of gold every year to increase the amount of gold the country has is it's reserve. This plan to buy all this gold was put into place in order to protect the country from going volatile on all of the international financial markets. Hopefully, this plan will bolster Russia's economy and help keep the country stable in all of their different markets.

On January 1, 2011, The Central Bank of Russia gold reserve contained 789.9 tons of gold. By October 1, 2011, The Central Bank of Russia's gold reserve now contains 852.14 tons thanks to the 90 metric tons of gold purchased so far this year.

In 2010, Russia's Central Bank gold reserve increased by an astonishing 24% to make their gold reserve in 2010 to be 25.2 Million Troy Ounces. While this increase was 24% in quantity, the dollar increase on their gold reserve was 60% rising to $35.788 Billion Dollars in 2010 alone. The share of gold in Russia's total gold and currency reserve over the span of 2010 increased by 2.4% to take their total to 7.5% in 2010.

With gold and other precious metals on the constant rise and with Russia purchasing 100 tons of gold every year, Russia's gold reserve and market stability has nowhere to go but up.

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