Estimates of the gold reserves held by Saudi Arabia have been doubled to 323 tons after an accounting change.
The Middle East kingdom had previously been calculated by the World Gold Council as owning a mere 143 tons.
The trade organisation said it changed its estimate “as a result of the adjustment of the Saudi Arabian Monetary Agency’s gold accounts”.
The surprise upward revision may… more...
NEW YORK (CNNMoney.com) — Foreign governments have been getting in on the recent gold rush, driven by continued fears about Europe’s debt crisis and the pace of the global economic recovery.
Those concerns have been propelling the precious metal to record highs over the past 18 months. In fact, gold closed at a fresh record high of $1,248.70… more...
NEW YORK (CNNMoney.com) — The gold rally revved up again Friday, nearly hitting a record $1,250 an ounce, before slipping later in the day in volatile trade. Stock market jitters and Europe’s debt troubles have sent investors flocking to the precious metal, but why?
Of course, gold is considered a safe-haven investment in times of economic uncertainty. After the stock market’s so-called “flash crash”… more...