Azerbaijan expands gold reserves to 30 tons

Azerbaijan's SOFAZ (State Oil Fund of Azerbaijan) states that they will replenish their gold reserves to 30 tons this year.

According to SOFAZ director Shahmar Movsumov, the fund has so far purchased more than 22-23 tonnes of gold and more than 7 tonnes of this has already been transported to Azerbaijan. 

Movsumov states that SOFAZ is not concerned about the volatile price of gold and that he does not intend to sell gold despite the low Gold price.

Founded in 1999 to manage revenues from the sale of oil and natural gas from Azerbaijan, SOFAZ started buying gold in February 2012 .

The fund bought 18.4 tonnes in the first quarter of 2013 and said it had plans to increase its gold position to 30 tonnes before the end of the year. SOFAZ's assets grew by 0.6 percent in the first quarter compared to the end of last year.

source: bullionstreet.com