Mexico follows Thailand, South Korea and Russia adding Gold Reserves to Its Coffers

Gold had its worst weekly performance in more than four months after investors sold metal alongside global equities and other commodities on growing concern that the global economy will enter a second phase of economic crisis. Global stocks entered a difficult market for the first time in more than two years this week: oil touched a six-week low and copper fell to the lowest level in a year, numbers that display worries that the debt crisis in Europe may escalate as the U.S. faces another recession. The Federal Reserve said Sept. 21 there are “significant downside risks” to the outlook. Although its value has decreased, last month Russia’s central bank increased its gold reserves from 27 million at the end of July to 27.2 million troy ounces. This Sept. 20, Bank Rossii joined Thailand, South Korea and Mexico in adding the metal to their coffers.