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Azerbaijani State Oil Fund Invests in Gold

On January 11, approximately 1 ton of purchased gold - conforming to the LBMA requirements - was transferred by UK's Brink's Global Services to Azerbaijan and temporarily stored in the vaults of the Azerbaijani Central Bank.

Some 32,923.8 pounds of gold were included into SOFAZ's investment portfolio as of December 31, 2012.

The gold purchased by the fund is temporarily stored in the JP Morgan's London vault because of its competitive storage costs.

Gauging the risk of price changes over the next two years, SOFAZ plans to purchase a total of 30 tons of gold.

According to SOFAZ's investment strategy approved by Azerbaijani President Ilham Aliyev on December 29, 2011, up to 5 percent of the fund's total investment portfolio might be invested in gold in 2012.

SOFAZ was established in 1999 when its assets amounted to $271 million. As of Dec. 1, 2012, the fund's assets reached almost $34 billion.

SOFAZ's main purposes are the accumulation of funds and placement of its assets abroad to minimize the negative impact on the economy, to ensure savings for future generations and to maintain socio-economic standards.

Source: AzerTAc

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