Jan Nieuwenhuijs, a gold market analyst, states that Saudi Arabia, an oil powerhouse nation, has been secretly purchasing gold since 2022. In a recent report, he alleges that the Saudi Central Bank has acquired 160 tonnes of gold due to its neutral and sanctions-free characteristics.

Nieuwenhuijs explains that Saudi Arabia has been likely another driver of the current bull market, with its demand boosting gold prices. To arrive at his conclusion, he explains that rumors about this behavior have been circulating among industry insiders for years.

He compared the numbers of gold purchases reported to the International Monetary Fund (IMF) and the numbers estimated by the World Gold Council. The latter surpassed the former, with reports that this was in part thanks to Saudi Arabia’s gold purchases.

A second hint on this is given by the disparity between imports directed for jewelry and other purposes and the total imports. As there are no gold exchange-traded funds (ETF) in the country, the surplus of the total imports must be directed to the central bank vaults.

Furthermore, Nieuwenhuijs explains that these 160 tonnes of gold were purchased from Switzerland, as he reviewed the disparity between Saudi consumer demand and its net imports and compared this to gold exports from Switzerland to Saudi Arabia.

Nieuwenhuijs assessed that Saudi Arabia might be underreporting these numbers to avoid upsetting one of its main allies, the U.S., as this can be interpreted as an effort to bypass the U.S. dollar. Last week, Bandar Alkhorayef, Saudi Minister of Industry and Mineral Resources, hinted at the possible adoption of the petroyuan, a decision that would also hurt the U.S. dollar’s status as the world’s trade currency.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。