Saudi Central Bank Caught Secretly Buying 160 Tonnes of Gold in Switzerland
- Abraham Enoch
- Sep 14, 2024
- 4 min read
☪ የሳውዲ ማዕከላዊ ባንክ በስዊዘርላንድ መቶ ስልሳ/160 ቶን ወርቅ ሲገዛ በድብቅ ተያዘ
👹 የሚከተሉት ሀገራት 100% የሚገዙት በሰይጣን እና 'በሰው' ወኪሎቹ ነው።
☆ ፈረንሳይ
☆ ብሪታንያ
☆ ጣሊያን
☆ ስዊዘርላንድ
☆ አውስትራሊያ እና ኒው ዚላንድ
☆ ቻይና
☆ ህንድ
☆ ደቡብ አፍሪካ
☆ ኬንያ
☆ ናይጄሪያ
☆ ሃይቲ
☆ ጋና
☆ አርጀንቲና
☆ ብራዚል
☆ ሁሉም 57 እስላማዊ ሀገራት
ሌሎች ብዙ ሰዎች በሰይጣን ቁጥጥር ሥር ለመሆን በጉዞ ላይ ናቸው።
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.
A source once told me that central banks often by gold in Switzerland and London and have bullion banks pack and ship the gold to wherever the central banks want. This way it shows up in cross-border trade data because the bullion banks have to deal with customs.
Switzerland Pinpointed as Ground Zero for Secret Purchases
To find out if SAMA shops for gold bars in the Swiss Alps, I have subtracted Saudi consumer demand from its net imports and compared the outcome (gold imported but not sold to consumers) to gross exports from Switzerland to Saudi Arabia. The result shows a strong match since Q2 2022, confirming SAMA has quietly been buying gold in Switzerland.
Saudi Arabia Owns Way More Gold Than It Wants Known
The data suggests SAMA bought approximately 160 tonnes of gold in recent years (and it was likely also buying in 2015 in Switzerland). How much it holds in total is unknown to me, partly because Saudi gold trade data only starts in 2015. What happened before that is up for grabs. Neither do I know how much additional gold SAMA might be buying elsewhere.
One thing is for certain: Saudi Arabia owns much more gold than it wants the world to believe.
The last time the Saudi central bank updated its official gold reserves was in February 2008, when it conveyed to hold 332 tonnes, which was 180 tonnes more than in January 2008. Obviously SAMA didn’t buy 180 tonnes in one month.
👹 The following nations are 100% Ruled by Satan and Its 'Human' Agents
☆ France
☆ Britain
☆ Italy
☆ Switzerland
☆ Australia + New Zealand
☆ China
☆ India
☆ South Africa
☆ Kenya
☆ Nigeria
☆ Ghana
☆ Haiti
☆ Argentina
☆ Brazil
☆ All 57 Islamic Countries
Many others are on their way to be fully controlled by Satan.
💭 UK Accused of Trying to Suppress Criticism of UAE Role in Sudan's Genocidal War
https://wp.me/piMJL-dbe
The outside actor that bears the most responsibility for the starvation and ethnic cleansing, however, is the United Arab Emirates. As the RSF perpetrates genocidal attacks on civilians in Darfur and other regions, Abu Dhabi is delivering arms to the militia. Meanwhile, unscrupulous companies smuggle Sudanese gold into Emirati markets.
CONFLICT GOLD
Gold has been a major driver of the war in Sudan. The RSF is more deeply involved in the gold trade, but both sides have smuggled and sold large volumes of gold to fuel their war machines. The UAE currently benefits from this trade. Statistics for 2023 are not yet available, but in 2022, the UAE imported 39 tons of gold from Sudan, valued at more than $2 billion, and direct shipments of Sudanese gold continue today. Bad actors also smuggle Sudanese gold into Chad, Egypt, Ethiopia, South Sudan, and Uganda—all of which end up selling much of it to the UAE. According to UN trade data, over 60 tons reached the UAE through these routes in 2022. In a May 2023 business risk advisory, the U.S. State Department noted that the UAE receives “nearly all” the gold exported from Sudan.
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