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Wed 29 Sep 2010 04:14 AM

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'Saudi gold reserves rose on accounting' - Jasser

'Difference in accounting' lead to the increase in gold reserves, cbank said.

'Saudi gold reserves rose on accounting' - Jasser
RESERVE INCREASE: Saudi Arabian gold reserves increased because of a difference in accounting, and not new gold purchases. (Getty Images)

Gold reserves in Saudi Arabia, the Arab world’s biggest economy, increased because of “a difference in accounting,” not new gold purchases, central bank governor Muhammad al Jasser said in Kuwait today.

Speaking to reporters, he said: “We always had that gold. We did not buy any new gold. It was just a difference in accounting. There was some gold in other accounts.”

The gold reserve estimate as part of the foreign reserves of the world’s largest oil supplier more than doubled in June, according to data on the website of the World Gold Council.

The Saudi Arabian Monetary Agency’s gold holdings increased to 322.9 tons, up from the 143 tons reported in March, according to the WGC, which tracks global gold bullion holdings.

Saudi Arabia is among the 20 largest holders of gold reserves in the world, according to the WGC.

Arabian Business: why we're going behind a paywall

Tears of the Moon 9 years ago

Regardless of the country central banks keep the details of their assets a closely guarded secret, so it is hard to confirm this story. Although in a world with oil priced 7 times higher than cost of extraction in Saudi Arabia and a increasingly battered US$ it would be surprising if the Saudi's were not adding to their gold position - the US$ they receive has to put somewhere, it seems no longer to be going to US Treasuries or Sovereign Wealth funds, ego some (or a lot) must be going into gold. For more news on gold, silver and world economics visit my blog at: http://www.gold88blog.com/