Saudi Arabia raised its gold reserves to 339 tons .. and occupies 14th place globally


Saudi Arabia has increased its gold reserves to 339.6 tons, occupies the first rank of the Arab world and 14 of the top twenty one had the official reserves of gold.

According to statistics revealed by the World Gold Council for the month of July, the Kingdom of saudi Arabia increased its assets from gold during the year by 17 tons after it was in July 2011 occupies 16th place in the world gold reserves to 322.9 tonnes.

And continued foreign assets of the Kingdom of saudi Arabia as it grew in height by 45 billion riyals in May, up by 22% over the same month in 2011. Has been retained the bulk of the increase in reserves in the form of foreign currency and deposits abroad.

And increased foreign currency and deposits abroad of 633 billion riyals in April to 672 billion riyals in May, an increase of 39 billion riyals. With increased investment in securities abroad of 1483 billion rials to 1491 billion rials plus gold reserves.

Since the beginning of the year recorded an increase in foreign reserves by 192 billion rials to May. Increased foreign exchange and deposits by 129 billion riyals, while increased investment in securities abroad at $ 63 billion riyals during the period.

According to the World Gold Council occupied the United States of America as the most important State of the owner of an enormous reserve of gold increased by 8133.5 tons, followed by Germany with 3396.3 tonnes, Italy with 2451.8 tons, and France to 2435.4 tons, China with 1054.1 tons, and Switzerland to 1040.1 tonnes.

He expected the World Gold Council to achieve the size of the global demand for gold increased by 6% during the third quarter of this year, at 991.1 tons over the same period of 2010. The value of gold sold globally this year, set a new record total of $ 57.7 billion, up to the highest value registered by him in the previous quarter, which amounted to 45.7 billion dollars, according to forecasts gold prices of 2012.

The total global investment demand by 468.1 tons since the start of the current quarter, an increase of 33% from its level in the same period of 2010 who scored a 352.1 tons.

Has seen investment funds in gold negotiable and similar products flow reached 77.6 tonnes in the third quarter of 2012, beyond the levels of the previous year, which amounted to 49.1 tons by about 58%.

The net purchases of 148.4 tons, central banks where they continued to increase its share of gold reserves as a percentage of the total. According to the forecasts prices of 2012, mine production increased by about 5% to 746.2 tonnes.

And maintained the stability of gold prices during the trading last week and proved between 1565 and 1595 U.S. dollars per ounce.

Observers expect to see gold break the coming days, the scope of the current trading and the downward trend to below the level of $ 1550 in the case of worsening the euro area and the failure of EU funds in the purchase of Spanish bonds and lower investor appetite for risk. They pointed out that in the case of recovery of the euro and the dollar’s weakness will be targeted price level of $ 1620 per ounce.