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View Full Version : Saudi Arabia buys $3.5bn of gold in two weeks




Lucille
11-13-2008, 07:52 PM
Saudi Arabia buys $3.5bn of gold in two weeks (http://arabianmoney.net/2008/11/13/saudi-arabia-buys-35bn-of-gold-in-two-weeks/)


There has been an unprecedented surge in Saudi gold purchases in the past two weeks with over $3.5 billion being spent on the yellow metal, reported Gulf News citing local industry sources.

Gold market expert Sami Al Mohna told the leading regional newspaper that this buying had substantially increased the gold reserves of the country: ‘Many Saudi investors see this as the right time for making investments in gold as the price is the most reasonable one at present’...

Also, there's an interesting link in the comments with its speculation of the three new world currencies they're cooking up at the G-20 this weekend. Were the conspiracy theorists right? Is the Amero nigh? Yikes!

ItsTime
11-13-2008, 07:53 PM
other credible sources on this?

Grimnir Wotansvolk
11-13-2008, 07:56 PM
I'll contend until the day I die that things like this are the reason we've been pushed into a cultural war against the middle east. For all their faults, they're probably the last bastion of ethical and sound monetary policy.

Lucille
11-14-2008, 08:14 AM
other credible sources on this?

As far as the Saudis buying gold (http://archive.gulfnews.com/articles/08/11/13/10259112.html), you mean? Yes:


Gold demand rises in Saudi Arabia
Published: November 12, 2008, 23:42

Riyadh: There has been an unprecedented demand for gold in the Saudi market recently, with over 13 billion Saudi riyals (Dh12.75 billion) being spent on the yellow metal during the last two weeks.

Demand is expected to rise still higher as more investors turn to gold as a safe haven in the midst of the global financial crisis, according to market sources.

Sami Al Mohna, an expert on the gold market, said the trend had resulted in a substantial rise in the gold reserves of Saudi investors.

The blogger who talked about the G-20 and three new currencies (http://www.moneyandmarkets.com/the-g-20s-secret-debt-solution-27996) was speculating. It's an interesting read, and I can certainly see them doing something like that, since the bailouts are not working.


First, the G-20’s motive for a new monetary system: It’s driven by and based upon this very simple proposition …

“If we can’t print money fast enough to fend off another deflationary Great Depression, then let’s change the value of the money.”

“The G-20’s Secret Debt Solution”

It would be a strategy designed to ease the burden of ALL debts — by simultaneously devaluing ALL currencies … and re-inflating ALL asset prices.

That’s what central banks and governments around the world are going to start talking about this weekend — a new financial order that includes new monetary units that helps to wipe clean the world’s debt ledgers.

It won’t be an easy deal to broker, since the U.S. is the world’s largest debtor. But remember: Debts are now going bad all over the world. So everyone would benefit.

Fed Chairman Ben Bernanke … Treasury Secretary Paulson … President Bush … President-elect Obama … former Fed Chairman Paul Volcker … Warren Buffett … and central bankers and politicians all over the world agree a new monetary system is needed.

Truth Warrior
11-14-2008, 08:25 AM
Well that's a pretty good way to DUMP some WORTHLESS FRNS.<IMHO>

Arklatex
11-14-2008, 08:26 AM
I'm telling ya, I've been ringing this bell all week and no one is helping shed light on what is going on:

http://digg.com/world_news/Major_Announcement_coming_to_American_People_Janua ry_2009

sratiug
11-14-2008, 12:24 PM
bumped and dugged

Scribbler de Stebbing
11-14-2008, 01:09 PM
CNN story gets close, but doesn't go so far as to speculate on new currencies:


G-20: Shaping a new world order (http://money.cnn.com/2008/11/14/news/economy/g20_powerplay/index.htm?postversion=2008111411)