BS: Maybe Beck is right- Saudi gold holdings

Subject: BS: Maybe Beck is right- Saudi gold holdings
From: beardedbruce
Date: 21 Jun 10 - 04:04 PM

"Saudis Hoard Twice as Much Gold as Thought

Published: Monday, 21 Jun 2010 | 3:12 AM ET Text Size By: Javier Blas, Financial Times


Saudi Arabia, the world's fourth-largest holder of foreign exchange reserves, is sitting on more than twice as much gold as previously thought, according to new estimates that point to the revival of bullion as part of emerging economies' official reserves.

The changes in Riyadh's reserves were revealed by the World Gold Council, the industry-backed body which regularly tracks official bullion holdings. According to the WGC, the Saudi Arabian Monetary Agency, the central bank, has gold reserves of 322.9 tones, more than double the 143 tones it had previously reported.

The central bank said in a footnote of its latest quarterly report that "gold data have been modified from first quarter 2008 as a result of the adjustment of the Sama's gold accounts".

Sama did not respond on Sunday to calls seeking further comment.

Analysts said the rise in official gold holdings probably represented an accounting shift rather than fresh purchases. One possibility is that a large fraction of the country's gold was not considered until now part of the official reserves.

But without an official explanation, analysts were keeping options open. At current prices, the extra gold in Saudi Arabia's official reserves amounts to $7 billion.

The revelation could fuel gold's rally as it is a further sign that central banks are keen on gold, after two decades of selling their bullion.

Gold prices [XAU=X 1232.9    -22.45 (-1.79%)   ] hit a nominal record high above $1,260 a troy ounce on Friday. Adjusted for inflation, however, bullion is still a long way from its all-time high of more than $2,300 in 1980.

The WGC revelation about Riyadh's gold holdings comes just a year after China surprised the bullion market when it revealed its gold holdings were more than 1,000 tones, almost double what it had reported for years.

Analysts believe that central banks could be net buyers of gold this year for the first time in nearly two decades.

India bought 200 tones of gold from the International Monetary Fund earlier this year, while Russia and others are purchasing bullion from domestic miners on a regular basis, official data show. European central banks, after more than a decade of hefty disposals, have all but stopped selling.

Riyadh is now the 16th largest gold holder, ahead of countries such as the UK and Spain. The US is the world's largest bullion holder with 8,133.5 tones.
"

Subject: RE: BS: Maybe Beck is right- Saudi gold holdings
From: GUEST,Wesley S
Date: 21 Jun 10 - 04:11 PM

So Bruce. You've proven again that you can cut and paste an article.

So what do you think?

And what does Beck think? Are we talking about Jeff Beck the guitar player or Beck the pop singer? And why should we care what either of them think?

Lots of unanswered questions.

Subject: RE: BS: Maybe Beck is right- Saudi gold holdings
From: gnu
Date: 21 Jun 10 - 04:31 PM

I don't care what Jeff thinks. I like his tunes.

Subject: RE: BS: Maybe Beck is right- Saudi gold holdings
From: GUEST,Wesley S
Date: 21 Jun 10 - 04:45 PM

Beck and Stevie Ray Vaughn going toe to toe:


Going Down

Subject: RE: BS: Maybe Beck is right- Saudi gold holdings
From: catspaw49
Date: 21 Jun 10 - 04:54 PM

I think Beck's Dark is highly underrated but I'm pretty sure its brewed in Germany and not Saudi Arabia so I doubt they can affect anything related to gold there.

Spaw

Subject: RE: BS: Maybe Beck is right- Saudi gold holdings
From: catspaw49
Date: 21 Jun 10 - 05:04 PM

Ya' know, there is a "Beck's Gold" but I've never tried it myself. Even so, I'm sure the brewery is in Germany.

Spaw

Subject: RE: BS: Maybe Beck is right- Saudi gold holdings
From: gnu
Date: 21 Jun 10 - 05:14 PM

Try Bras D'Or beer... that'll take ya beck a step.

Subject: RE: BS: Maybe Beck is right- Saudi gold holdings
From: mousethief
Date: 21 Jun 10 - 05:30 PM

Golden bra? My wife used to wear one of those. We sold it when gold hit $1200. Wish now I had held it a little longer -- it could really have supported us in our old age, as other assets begin to droop.

Interestingly gold dropped in the last 15 hours from about 1264 to about 1229, and has been going down steadily the last 11 hours, although the curve is flatting some.

Subject: RE: BS: Maybe Beck is right- Saudi gold holdings
From: mousethief
Date: 21 Jun 10 - 05:33 PM

FlattENing. oog.

Subject: RE: BS: Maybe Beck is right- Saudi gold holdings
From: Greg F.
Date: 21 Jun 10 - 05:43 PM

It sure as hell ain't Beck's Book Stores in Chicago - they deal in higer education materials.

Subject: RE: BS: Maybe Beck is right- Saudi gold holdings
From: Joe_F
Date: 21 Jun 10 - 05:59 PM

In the Chri Sci Monster & elsewhere these days, I see continual advertisements for gold & silver. Silver, I suppose, is a bad bet these days, because its value is not purely speculative -- it is actually useful stuff, but its usefulness is decreasing on account of the replacement of photographic film by semiconductors. But gold -- as a believer in a possible crash of the dollar, should I shift some of my easy-earned wealth from inflation-linked bonds into that? It is a delicate question. How important is the superstitious reverence for that mere metal after all these years? Is it worth betting on, as opposed to betting on the hope that Congress will not find some way of getting around the embarrassment of CPI-linked bonds?

Subject: RE: BS: Maybe Beck is right- Saudi gold holdings
From: Q (Frank Staplin)
Date: 21 Jun 10 - 06:00 PM

The Sands Hotel in Jeddah is offering special rates just to watch the gold go down.

Subject: RE: BS: Maybe Beck is right- Saudi gold holdings
From: Greg F.
Date: 21 Jun 10 - 06:03 PM

Then there were Nelson and William Hunt... Hi Ho Silver!

Subject: RE: BS: Maybe Beck is right- Saudi gold holdings
From: Q (Frank Staplin)
Date: 21 Jun 10 - 06:09 PM

Gold is used in a lot of industrial products including fuel cells, nanotechnology, mobile phones, etc.

Subject: RE: BS: Maybe Beck is right- Saudi gold holdings
From: GUEST,Wesley S
Date: 21 Jun 10 - 06:15 PM

It's interesting that most of the conservative radio talk show hosts run ads for companies that sell gold to consumers. As a hedge against inflation and the coming trials. Because you'll never know how much money Obama will print up. Talk show hosts like Rush Limbaugh and Glenn Beck. Hey........

Subject: RE: BS: Maybe Beck is right- Saudi gold holdings
From: catspaw49
Date: 21 Jun 10 - 07:18 PM

Oh Wesley, its NOT THAT Beck! That one is a fuckin' loudmouthed and know-nothing ignoramus who often is said to worship his mother that he resembles in many ways from facial features to genitalia. Surely Bruce wouldn't be so brainless to refer to such a dimwitted cocksucker as THAT Beck!

Spaw

Subject: RE: BS: Maybe Beck is right- Saudi gold holdings
From: Bill D
Date: 21 Jun 10 - 08:25 PM

"Surely Bruce wouldn't..."

Where do you think he gets stories like that?

(yes, I know YOU know where)

Subject: RE: BS: Maybe Beck is right- Saudi gold holdings
From: LadyJean
Date: 22 Jun 10 - 12:35 AM

From what I have seen of Glenn Beck he specialises in demi truths and cherry picking his facts. He can find a conspiracy in a cupcake.

Subject: RE: BS: Maybe Beck is right- Saudi gold holdings
From: mousethief
Date: 22 Jun 10 - 01:04 AM

It's in the frosting.

Subject: RE: BS: Maybe Beck is right- Saudi gold holdings
From: Darowyn
Date: 22 Jun 10 - 03:57 AM

That's just what they want you to think!

Subject: RE: BS: Maybe Beck is right- Saudi gold holdings
From: catspaw49
Date: 22 Jun 10 - 05:26 AM

I dunno'.......I've been thinking about this and maybe its in the beer...........................

Spaw

Subject: RE: BS: Maybe Beck is right- Saudi gold holdings
From: olddude
Date: 22 Jun 10 - 09:57 AM

I knew a guy named Beck who had a gold tooth
is that what we are talking about ... he died in about 1969