Facebook pixel Skip to main content

Bloomberg News: Singapore Adds to Its Gold Pile for the First Time in Decades

November 29, 2021
Gold Bull Market

Article by Ranjeetha Pakiam in Bloomberg News

Singapore increased its gold reserves by about 20% earlier this year in a largely under-the-radar move that saw holdings expand for the first time in decades.

The purchases, which totaled about 26.3 tons, took place over May and June, according to data from the Monetary Authority of Singapore’s International Reserves and Foreign Currency Liquidity reports. The move came to wider prominence when it was picked up in the International Monetary Fund’s monthly update, which shows it was the first increase in figures dating back to 2000.

MAS didn’t disclose how much it paid for the bullion, but at today’s price that would be about $1.5 billion. The authority didn’t immediately respond to an email seeking comment.

The central bank may have preferred to not draw attention to the amount of gold in its international reserves as this might ......

To read this article in Bloomberg News in its entirety, click here.

Find out how Gold can bolster your portfolio!

Gold Kit

Complete this form to get more information and to receive a FREE Gold Kit.

or Call Now 800-576-9355
By clicking the below button, you agree that Lear Capital can contact you at the e-mail and telephone number provided with marketing offers. Msg. and data rates apply. Your consent to such contact is not required for purchase.
We respect your Privacy
Google general page pixel