A report by the Money Metals platform for trading in the yellow metal stated that “Saudi Arabia has resorted to an economic policy based on owning a huge reserve of gold, in a new effort to abandon dealing in the dollar.”
According to the report, “Saudi Arabia has purchased 160 tons of gold undeclared from Switzerland since 2022.”
And he drew attention The report Until “the Kingdom linked the purchase process to global gold prices, as it increased its purchases when prices fell and decreased them when they rose.”
The report explained that “the Kingdom’s tendency to constantly buy gold has contributed to the rise in its prices,” noting that “a portion of the imported Swiss gold is stored at the Saudi Central Bank, known as the Saudi Arabian Monetary Agency.”
According to the report, “This Saudi trend may lead to the birth of a new system based on gold in order to abandon the system known as the ‘petrodollar’, which it helped create in the 1970s to make oil a major source of the US dollar.”
According to the report, “These policies are consistent with the policies pursued by the BRICS group to gradually abandon the dollar until it is completely abandoned within a certain period of time, and they also contribute to restoring gold as a major global economic standard.”
Saudi Arabia and other countries, most notably China, recently began replacing their dollar reserves with gold reserves.
Last updated: September 25, 2024 – 13:12
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2024-09-26 07:59:27