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Posted on 11/30/2021 6:14:07 PM PST by aMorePerfectUnion
In Low Key Move, Singapore’s Central Bank Adds 26 Tonnes To Its Gold Reserves
It has just come to light that Singapore’s central bank, the Monetary Authority of Singapore (MAS), added 26.35 tonnes of gold to its official monetary gold reserves over a 2 month period between May and June this year, in the process boosting its strategic gold holdings by 20% to a claimed 153.76 tonnes.
This addition to the monetary gold holdings of the Monetary Authority of Singapore was first pointed out by the World Gold Council’s Krishan Gopaul in a 25 November tweet, following an update to Singapore’s gold holdings appearing in the IMF’s International Financial Statistics (IFS) database, a source which World Gold Council uses to keep track of central bank and sovereign gold holdings.
Here’s something interesting in the latest IMF stats: The Monetary Authority of Singapore added 26t of #gold to its reserves over May and June 2021. This is its first gold purchase since at least 2000, and another instance of a developed market CB buying (along with Ireland). pic.twitter.com/UeHmAbxRt9
— Krishan Gopaul (@KrishanGopaul) November 25, 2021
May and June: 26.35 tonnes added
While it’s unclear why changes to Singapore’s monetary gold holdings from May and June only made it on to the IFS database in recent days, looking more closely, the Monetary Authority of Singapore did ‘reflect’ the May and June gold purchases at the end of July and August, respectively, via updates to the MAS’ monthly “International Reserves and Foreign Currency Liquidity” report, but did not announce or mention the additions specifically.
Before looking at how this substantial gold purchase by Singapore went unnoticed, here are the raw numbers from the MAS site itself. Up until the end of April 2021, Singapore’s central bank (MAS) had been reporting total gold holdings of 4,096,439 fine troy ounces, or 127.42 tonnes, a figure which had not changed since at least 2002 (which is as far back as World Gold Council records go).
During May 2021, MAS reports that it added 527,201 ozs (16.4 tonnes) of gold, taking it’s gold holdings as of end of May to 4,623,640 ozs (143.81 tonnes).
During June 2021, MAS reports that it added a further 319,801 ozs (9.95 tonnes) of gold, which increased MAS’ gold holdings as of end of June to 4,943,441 ozs (153.76 tonnes).
This means that over the two months May and June 2021 inclusive, MAS purchased 847,002 fine troy ounces of gold (26.35 tonnes), and in doing so increased it’s gold holdings by 20.67%, and at the same time rising from 30th to 28th place in the world gold holding rankings.\
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PING!
straitstimes.com had something about this as well earlier today. it is a harbinger of things to come.
How much does 26 Tonnes of gold cost at today’s prices?
About 1.6 billion dollars?
Who’d they buy it from?
Hunter Biden.
$1,632,479,011
Good job!
That’s what I’d like to know.
Means that someone else sold their stake.
True. But there are so many private ways to do it...
I just checked my closets and can confirm that they did not buy it from me...
I wonder how much of it is “Paper Gold”
nowhere in the article does it say anything about physical possession
or an Albatross of boat accidents
https://youtu.be/CBbHaC632jg?t=23
They’re buying the dip?
As someone else said, did they buy paper or metal?
Buying the dip. Smart move.
My sources are saying $3K/oz gold before it’s all said and done, around 2025.
Of course, if the Socialist Democrats have their way, you’ll ALSO need a wheelbarrow full of cash to buy a loaf of bread.*
Plan accordingly, FRiends! We are on our own!
*IOW, learn to bake your own bread.
“The Government and Gold During The Great Depression
In the time leading up to the Great Depression, people could go to the US Treasury and redeem their paper money directly for gold.
When the Great Depression was beginning, people were exchanging their paper for gold in such extremes that the US Treasury worried they may run out of gold. By law, the Federal Reserve was allowed to issue currency up to the point that it was 40 percent backed by gold. Therefore, as people redeemed their paper money for gold, it had a multiplier effect of reducing the amount of paper currency in circulation. One can imagine that it didn’t take long for the Federal Reserve to be bumping up against its 40 percent gold-backed limit relative to the currency. This caused a form of quantitative tightening or reduction in the money supply.”
Sound familiar?
Really good stuff here:
https://seekingalpha.com/article/4354223-gold-prices-during-great-depression
Chineese “gold”?
eBay?
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