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Saudi Arabia doubles its Gold Reserve

22 Jun 2010

The World Gold Council in its June 2010 update of World Official Gold Holdings increased the gold reserves held by the Saudi Arabian central bank to 322.9 tons (10.38 million ounces). This is more than double the previously reported 143 tons of reserves.

In a footnote to this report, the WGC states "Gold data have been modified from First Quarter 2008 as a result of the adjustment of the SAMA's gold accounts." It is possible that the total amount of gold held by the Saudi Arabian government has not really changed, but has merely been reclassified from other accounts. However, initial attempts to gain further information on this point were not immediately successful.

With the new reported gold reserves, Saudi Arabia's central bank now ranks 16th, ahead of the United Kingdom, Spain, Austria, Belgium, Singapore, and Sweden. Only 13 other national central banks, the International Monetary Fund, and the European Central Bank have higher reported reserves.

This development has almost certainly contributed to the price of gold reaching an all-time high on June 18



From
http://www.numismaster.com/ta/numis/Article.jsp?ad=article&ArticleId=11531
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