It is the biggest amount of gold purchased by the central banks in nearly 50 years, the council said in a report.
The majority of the countries bolstering their gold holdings are from the Commonwealth of Independent States (CIS).
Comment: CIS is composed of formly Soviet republics formed after the breakup of the USSR.
Russia, with gold reserves of more than 1,200 tons, added 173 tons to its already sizeable stocks. Gold accounts for 12 percent of Russian overall reserves.
Kazakhstan and Iraq bought 48 tons each. Iraq has seen its gold reserves triple in a year.
Sales of gold by banks were more limited. Ukraine's sales of 19 tons was the most sizeable, but pretty understandable, as the current economic situation in Ukraine if forcing the government to sell.
The global economic slowdown, coupled with political unrest and falling oil prices have pushed monetary authorities across the world into so-called currency wars. Over the past year the EU, Russia, Ukraine, Singapore, and India have eased monetary controls, with the Russian ruble and Ukrainian hryvnia losing more than 50 percent of their value.
...trip to China last summer seemed to be about establishing a new gold world reserve currency after the collapse of the American Dollar. The Dutch central bank have now allocated all (OK 97%+) their stored bullion and are already positioned to that end. Other european countries especially Austria are likely moving in that direction. The good guys in the system are ahead of the game as the end game itself is already underway.
The endgame itself is simply about transferring real wealth from the poor, middle classes the lowly rich to the elite. After the collapse which will likely be this year the resulting serf class will have to go back to work to re-earn what was stolen from them and support the retired and now pensionless people in dire poverty.
Of course the elite will be after as much gold as they can get. For now the illusion of free metals markets is maintained through the elite owned media. The barberous relic is not worth owning (except by them of course) and the price crushed in the paper markets to encourage this view (and allow the elites to buy cheap) and the serfs are encouraged to own paper, soon to become worthless.
The average serf's defence: Think like a scumbag, buy gold!