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Eastern Central Banks Accumulate Gold

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Occidental central banks have printed their way out to temporarily avert the financial crisis and economic contraction risks. Before the financial crisis, central banks were net sellers of gold; this trend has clearly reversed regarding Eastern central banks. Central banks still hold a very minute percentage in gold. With Germany repatriating gold back and foreign governments taking physical control of gold, there is a legitimate movement in which governments are slowly stockpiling gold. Russia and China have added hundreds of metric tons of gold to their central banks as financial insurance against Westernized currency regime frameworks. Russia has been buying gold bullion and the Russian Central Bank has a sense the western central banks have been undermining the gold market to the detriment of the developing world. Russia has first-hand experience in currency crises. In 1998, Russia defaulted on US$ 40 billion in domestic debt.

Eastern central banks are not the only group amassing gold. Some sovereign funds have been purchasers of gold.

The State Oil Fund of Azerbaijan (SOFAZ) purchased 17.4 metric tons of gold bullion as of March 1, 2013. 3 tons of gold have been delivered into Baku, the capital of Azerbaijan.

In a Bloomberg telephone interview in Moscow, on February 10, 2013, Russian lawmaker Evgeny Fedorov stated, “The more gold a country has, the more sovereignty it will have if there’s a cataclysm with the dollar, the euro, the pound or any other reserve currency.”

MAS Seeks to Commit $5 Billion to Private Equity and Infrastructure Managers

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From U.S. pension funds to asset-heavy sovereign wealth funds, Singapore is calculating that more institutional investor assets globally are being committed to the Asia region. The Monetary Authority of Singapore (MAS), Singapore’s central bank, signaled and planned to commit US$ 5 billion with locally-based fund managers who will invest in private enterprises and infrastructure projects. The beneficiaries of the mandates will be private equity and infrastructure fund managers. MAS is seeking to lure top global asset managers to Singapore and firms that have a significant footprint in Singapore could be eligible for the funds. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Ivanhoe Cambridge Acquires Cap Ampere Campus from Natixis

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In one of the largest transactions in the French office sector, Ivanhoé Cambridge, real estate subsidiary of Caisse de dépôt et placement du Québec (CDPQ), has acquired a 90,000 square meter office-building campus from Natixis, in the Greater Paris area of Saint-Denis Pleyel. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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GIC Supports CapitaLand Shanghai Investment on Haimen Road

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GIC Private Limited, Singapore’s sovereign wealth fund, has entered into a 50:50 joint venture with Raffles City China Investment Partners III (RCCIP III), a fund controlled by CapitaLand. The joint venture is acquiring Shanghai’s tallest twin towers for an aggregate consideration of RMB 12.8 billion (US$ 1.84 billion). The property is located in Shanghai’s core Central Business District.

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