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MIDEAST STOCKS-Most Gulf shares rise on Fed rate-cut bets; Saudi extends loss By Md Manzer Hussain Dec 12 (Reuters) - Most stock markets in the Gulf ended higher on Thursday, in step with a global equity rally after U.S. consumer inflation data cemented bets of a Federal Reserve interest-rate cut next week. A Labor Department report showed on Wednesday U.S....
Saudi Central Bank Caught Secretly Buying 160 Tonnes Of Gold In Switzerland
Authored by Jan Nieuwenhuijs via Money Metals,
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 ...