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Ronan Manly: Singapore's central bank is big -- and secretive -- gold buyer

Section: Daily Dispatches

By Ronan Manly
Bullion Star, Singapore
Friday, June 2, 2023

Last year a major theme in the global gold market was the record gold buying by central banks across the world, with the World Gold Council and its data gatherers (Metals Focus) calculating that central banks had cumulatively purchased a net 1,136 tonnes of monetary gold during 2022.

At the outset of 2023, this led the World Gold Council to predict that:

"Looking ahead, we see little reason to doubt that central banks will remain positive towards gold and continue to be net purchasers in 2023."

... Dispatch continues below ...


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This indeed has proven to be the case, for after Q1 2023 drew to a close, the World Gold Council estimated that in the first quarter of 2023, the world's central banks had again been net buyers of gold to the tune of a combined 228 tonnes. This is the strongest first quarter of central bank gold buying on record.

And the central bank leading the pack in this gold accumulation has been none other than BullionStar's neighbour, the Monetary Authority of Singapore (MAS), whose headquarters are literally a short 2-kilometer stroll from Bullion Star's shop and showroom in Singapore's central business district.

For in the space of three months between January and March 2023, Singapore's central bank has quietly bought an incredible 68.7 tonnes of gold, making Singapore the world's leading sovereign gold buyer for the first quarter of 2023, even ahead of China. ...

... For the remainder of the analysis: – The World's largest central bank gold buyer in Q1 2023

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