Last Friday, the central bank of South Korea announced it had bought 15 tons of gold in order to combat the current volatility in financial markets.Thus, its reserves in gold now amounted to 54.4 tonnes, about 1% of its foreign exchange reserves. This is the second time this year as the establishment buys gold. It had acquired 25 tons in June and July, the first purchase of gold since the Asian financial crisis of 1997 and 1998.Because of the crisis, since 2010, central banks have again become net buyers of gold in the world, a first for nearly 22 years.
Note also that the military power in Egypt, provided a loan of one billion dollars to the central bank, which is facing a cast of its foreign reserves since the popular uprising of the early . The emergency loan was granted to cover the country’s imports for the three months to come.
Finally, the investor George Soros , who is one of the apostles of the creation of eurobonds, expressed during a speech to the International Senior Lawyers Project, his concerns for the global economy. In particular, note that said the financial system is collapsing and that the developed world committed quickly “ the trap of debt deflation ”mechanism that was highlighted in particular by Irving Fisher.
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