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Saudi gold reserves over twice previous estimate

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June 21, 2010 – Comments (1)

Like I have been pointing out on many occassions, eastern Central Banks have been net buyers of gold, and a few Middle East countries are headed that way too (Saudi Arabia being one of the largest). And on top of that western Central Banks have stopped becoming net sellers and are either neutral or net buyers. On top of that the IMF has reneged on its public plan to sell its gold. I have said before and I will say it again, I believe gold is and will continue to be the premier safe haven investment for the next several years.

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Saudi gold reserves over twice previous estimate
Jun 21, 9:56 AM EDT
By TAREK EL-TABLAWY
AP Business Writer

http://hosted.ap.org/dynamic/stories/M/ML_SAUDI_GOLD_RESERVES?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2010-06-21-06-31-51

[excerpt]

CAIRO (AP) -- Saudi Arabia's central bank holds more than twice the amount of gold previously estimated, a shift that analysts said reflected more of an accounting adjustment than an indication the oil rich nation was veering away from its conservative reserve policy.

A June report by the World Gold Council, an industry group that tracks gold bullion holdings by nations the world over, showed the Saudi Arabian Monetary Agency's gold reserve figure climbed to 322.9 tons compared to 143 tons reported in March.

The council said its gold data was "modified from the first quarter 2008 as a result of the adjustment of the SAMA's gold accounts."

Analysts said the change either signaled an accounting revision or that the kingdom, which sits atop the world's largest proven reserves of conventional crude oil, had stepped up buying gold in 2008 as the metal's value took a frequent beating during the global economic meltdown.

1 Comments – Post Your Own

#1) On June 25, 2010 at 12:48 PM, uclayoda87 (29.46) wrote:

The Saudi's listen to Peter Schiff:

Peter Schiff to the Saudies Buy Gold Mines!!!!!!!!!!!!!

 

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