Evidence suggests the Saudi central bank has been covertly buying 160 tonnes of gold in Switzerland since early 2022, contributing to the current gold bull market.
Introduction Until recently, Saudi Arabia's gold demand would decline when the gold price went up and strengthen when the price went south.
Since 2022 the gold price has escalated, yet Saudi Arabia continued to import gold.
Exposing Saudi Central Bank's Hidden Gold Buying Formally, any country's cross-border gold trade statistics refer to "Non-monetary" metal, meaning privately owned.
A source once told me that central banks often buy gold in Switzerland and London and have bullion banks pack and ship the gold to wherever the central banks want.
Saudi Arabia Owns Way More Gold Than It Wants Known The data suggests SAMA bought approximately 160 tonnes of gold in recent years.
Saudi Arabia Official Gold Reserves TonnesPast and current data indicate Saudi Arabia central bankers do not report changes to their gold holdings in a timely fashion.
No comments:
Post a Comment