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Russia’s central bank lightens its gold holdings

Michael Allan McCrae | March 29, 2012 | 8:46 pm Precious Metals Europe Gold 

Russia’s central bank sold off about $200 million of gold in February, according to a report from the Financial Times.

The move reversed a five-year trend of the country’s central bank amassing more gold.

Russia is swimming against some trends. United Kingdom’s Treasury Secretary announced it was adding to its gold holdings during last week’s budget speech. Goldman Sachs also sees brighter days ahead for the yellow metal.

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