Saud Central Bank Secretly Bought 160 Tonnes Of Gold In Switzerland - www.zerohedge.com.
According to Jan Nieuwenhuijs via Money Metals (and published on zerohedge), the Saudis have joined other Asian countries in ditching their long-term sensitivity to the gold price. 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.
RUSSIA ANNOUNCES 700% INCREASE IN GOLD/FX PURCHASES. MONTH BEFORE BRICS SUMMIT
Source: Tass, VBL’s Ghost
Gold is rising because of demand for "fallback money"
Source: Bloomberg
BREAKING: Global net gold purchases by central banks reached 483 tonnes in the first half of 2024, the most on record.
This is 5% higher than the previous record of 460 tonnes set in the first half of 2023. In Q2 2024, central banks bought 183 tonnes of gold, marking a 6% year-over-year increase. On the other hand, this was 39% lower than the 300 tonnes of purchases seen in Q1. The largest buyers were the National Bank of Poland, the Reserve Bank of India, and the Central Bank of Turkey. Why are central banks stocking up on gold? Source: The Kobeissi Letter
Big gold buying lately
From BofA, @ISABELNET_SA thru Mike Zaccardi, CFA, CMT, MBA
What would a central bank rather own?
Source: Tavi Costa, Crescat Capital, Bloomberg
Ranked: The Countries That Added the Most Gold Reserves (2013-2023)
Source: Visual Capitalist, Elements, Jesse Felder on X
The US Dollar Index is at its lowest level of the year while Gold is at an all-time high, up 22% year-to-date. $USD $GLD
Source. Charlie Bilello
