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Posted on 09/12/2024 8:14:41 PM PDT by delta7
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.
Although the Saudis played a key role in the birth of the global dollar standard in the early 1970s, this time around they might even become a lynchpin for its dissolution.
Introduction
Until recently, Saudi Arabia’s gold demand would decline when the gold price went up and strengthen when the price went south. This dampened volatility in the gold market, which for many decades was ruled by the West.
Ever since the West immobilized Russia’s dollar assets in February 2022, those with diplomatic disagreements with the West are increasingly exchanging their dollars for physical gold. Saudi Arabia is the latest country—after China and Thailand—of which I have found cross-border trade statistics showing it has shifted from being price sensitive to a price driver.
During the entire rally from late 2022 until present, the Saudis have been a constant net importer which has boosted the gold price. The icing on the cake is that part of the flow into Saudi Arabia, the gold coming from Switzerland, actually goes to the Saudi central bank, aka the Saudi Arabian Monetary Authority (SAMA).
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. Monetary gold—owned by central banks—is exempt from being disclosed in trade numbers. As I have demonstrated in a previous article, though, the non-monetary gold crossing the Chinese border is often a shipment heading for the vaults of the People’s Bank of China (PBoC) regardless.
Among industry insiders, SAMA is known for having accelerated secret gold purchases since 2022. By comparing the World Gold Council’s (WGC) estimates of total central bank buying (based on field research), to what central banks report to have bought to the International Monetary Fund (IMF), we can conclude “unreported” purchases went through the roof starting in 2022. People familiar with the matter, but who prefer to stay anonymous, told me this is largely due to the PBoC, and to a lesser extent SAMA. That’s clue number one.……..
Note: China has recently been discovered to hold 40,000 tons of Gold to the US’s 8,000 tons…..two-plus two= Brics Summit starts Oct 22….it will be historic!
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They’re not friendly with the Christian world. Neither are they trustworthy. But they’re not stupid when it comes to money . The Biden regime has depreciated the purchasing power of the USD by at least a third in just these last couple years. Holding USD is a LOSING strategy. Much as the vice president of the communist Chinese central bank has been complaining about.
Caught? Are they doing something illegal?
US budget deficit hit $1 Trillion for the year, and its only Sept. 12
We should all be getting ready for something.....
“ Although the Saudis played a key role in the birth of the global dollar standard in the early 1970s, this time around they might even become a lynchpin for its dissolution.”
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This is my fear. This would be one of the (perhaps or perhaps not) unintended consequences of the American/EU neocon/globalists from their Ukraine Project and its attendant blowing up of gas pipelines and seizure of sovereign wealth.
A better term might have been: “noticed”.
What is more valuable to YOU!
A pound of gold or a freezer full of food?
world gold production is supposedly 3000 tons/year.
in 2.5 years, 7500 tons.
160/7500 = 2%
the gold price has gone up $70/oz in the last 9 calendar days, from about $2496/oz to about 2568/oz, or 2.7%.
seeds, subsonic 22 ammo, antibiotics...
:|
Well, if I were to ever buy 160 tons of gold,
I would do it secretly.
Does US Gov use calendar year of fiscal year? If the latter, the year is nearly over. Still awful either way...
Yep. Why does anyone care? Except investors.
$800,000,000 - not a crisis
Gold is so going to $5,000 within 2 years.
I remember back in the 70’s, when stationed in S Korea, you could buy an ounce of gold for about $35. I never did but I knew a few guys that would purchase a couple ounces every payday. At the time, gold trade, other than historic coins, were forbidden in the US. There was always the puzzle of how to get that gold back home. Some mailed it back a little at a time. At $35 an ounce that wasn’t that much risk.
When the German asked the US for their Gold back ...it took years and much that was sent back, was new bars....suggesting that Fort Knox...may have damn all....why else take so long and have to deliver new bars...
Well the first thing I would need to know is there going to be a constant supply of Electricity to run the freezer ?
Frozen food can and will be useless if it doesn’t stay frozen.
Gold (and Lead) on the other hand doesn’t require being frozen or use electricity.
How do we know about the latter? When was the last time Ft. Knox was audited? 1986?
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