Oil Fund of Azerbaijan trusted its gold to JP Morgan bank
Baku, Fineko/abc.az. State Oil Fund of Azerbaijan (SOFAZ) has chosen a place for temporary gold storage purchased at London ferrous metals stock exchange.
SOFAZ reports that London stock of JP Morgan bank is used on the basis of experience to minimize expenses for this purpose.
Investment policy for 2012 enables SOFAZ to keep up to 5% of its investment portfolio in gold. During 2 years the Fund is planning to accumulate up to 30 tons of gold. SOFAZ started buying physical gold from 1 February 2012 and by 1 July accumulated 6.847 tons of gold (220.146 ounces) for $343,14 million. By the end of the year gold reserves will reach 240.000 ounces ( 7.5 tons).
By 1 July the Funds assets made $32.665 bn- $32.56 bn in investment portfolio and $75,45 million in Azerbaijani mantas out of investment portfolio.
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