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Ronan Manly: Singapore's gold buying soars but where is the metal kept?
By Ronan Manly
Bullion Star, Singapore
Wednesday, March 8, 2023
In January 2023 Singapore's central bank, the Monetary Authority of Singapore, returned to gold buying, adding a massive 44.6 tonnes of gold to its official reserves, thereby boosting Singapore's gold holdings from 153.8 tonnes to 198.4 tonnes.
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In percentage terms, this gold buying represents an incredible 29% increase in Singapore's gold holdings in just one month. In fact, this is Singapore’s second largest largest gold purchase ever in one month. The only gold purchase that was larger was when Singapore first bought 100 tonnes of gold from South Africa in 1968.
In typically discreet fashion, the central bank did not announce its recent gold buying via press release or any other publicity. It merely updated the data on its website in the latest version (end of January) of a monthly report called "International Reserves and Foreign Currency Liquidity." ...
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