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Central banks continue to “accumulate” gold non-stop.. at the highest pace in 55 years 2023.01.11 - 11:05 Baghdad - Nas Central banks around the world continued to buy gold at the fastest pace since 1967, which indicates that some countries are keen to diversify their reserves away from the dollar, as data collected from the World Gold Council showed that demand for gold has exceeded previous levels during the past 55 years. . The latest report issued by the World Gold Council stated that the Kingdom of Saudi Arabia continued to lead the list of the largest Arab countries in possession of gold, and the 18th in the world, with 323 tons of gold. Last December, the World Gold Council report revealed that the United States of America exports global gold reserves with about 8 thousand tons and 133 tons of gold, followed by German reserves with 3 thousand tons and 355 tons, and the International Monetary Fund with reserves of two thousand and 814 tons. Uncertainty and doubt Adrian Ash, a researcher in the precious metals market, said that "the central banks' resort to gold is due to geopolitical conditions that reflect a state of mistrust, suspicion and uncertainty" after the United States and its allies froze dollar reserves in Russia. The last time this level of buying was seen was a historic turning point for the global monetary system. In 1967, European central banks bought massive amounts of gold from the United States, which led to a price hike and the collapse of London's gold reserves. This hastened the demise of the Bretton Woods system, which pegged the value of the US dollar to gold. Investment analyst Bernard Dahdah explained that geopolitical tensions have changed the motives of central banks that are not aligned with the West to diversify the portfolio away from the US dollar, and this trend will not change for at least a decade. Safe haven from sanctions? Gold's appeal as a safe haven for investors has increased after sanctions were imposed on Russia's central bank this year over Moscow's invasion of Ukraine. And while the sanctions imposed by the United States and its allies prevented Russia from accessing about $300 billion in reserves held in foreign currencies such as the dollar and the euro; Bullion remained largely out of their reach. Gold rose above $2,000 an ounce in March last year, as shocks to global inflation boosted demand for the metal as a hedge. and since then; The US dollar rose, Treasurys sold off as the Federal Reserve aggressively hiked interest rates. however; Gold has fallen for seven straight months, its longest losing streak since at least the late 1960s. Although gold has historically tended to outperform during periods of turmoil, it may be different this time, because global central banks do not intend to support economic growth. Ranking of Arab countries According to the figures issued by the World Gold Council, the ranking of the largest Arab countries in possession of gold reserves, their ranking in the Arab world and at the global level: Saudi Arabia ranks first in the Arab world and 18th in the world, with 323.1 tons. While Lebanon comes second in the Arab world and 20th in the world, with 286.8 tons. Algeria came in third place in the Arab world, with 173.6 tons. Iraq ranked fourth in the Arab world, with 130.3 tons. While Egypt ranked fifth in the Arab world with 125.5 tons, and 33 globally. Facilitate the trading of the yellow metal for large banks David Tait, chief executive of the World Gold Council, said gold ended 2022 at about $1,800 an ounce. He added that the combination of the wealth-preserving properties that magnify gold with the ease of modern trading will become more attractive to institutions as we believe they may seek to risk the weight of gold differently with the potentially huge benefits of the metal. He continued, “I cannot set a timetable for that, but I expect to see a real change between three to five years from now,” explaining that the plans of the World Gold Council’s marketing strategy that were launched in October and called Gold 247 are simply to facilitate gold trading for large banks and for this to happen. A number of things must happen, first, a database of gold supplies must be created to make the source of gold unquestionably standardized and second, a tradable "unit" of gold must be created to give gold a fungibility that it does not currently have. Saxo Bank forecasts for the gold market Saxo Bank said it is looking to reach suitable prices for investment metals in 2023, based on stagnation and stock market valuation risks arising from the central bank's final interest rate peak, along with the possibility of a decline in the value of the US dollar and stabilization of medium-term inflation around 4 percent instead of level 2.5 percent expected. He added: We note the continued strong demand for gold from central banks, which contributes to creating a supportive environment for traders in the market. And the World Gold Council announced that the official sector purchased 673 tons of gold during the first three quarters of last year, which is the highest number recorded in one year since 1967. Part of this demand is due to the attempt of a number of central banks to reduce their exposure to the dollar, and the policies of reducing dependence on the dollar and the increasing demand for gold contribute to enhancing the possibilities of buying gold by the official sector. The bank also expected that the favorable investment environment for gold would contribute to recording an expected increase of no less than 200 tons in gold holdings of exchange-traded funds, unlike last year, which witnessed a decline in holdings by 120 tons.

Iraq is the fifth in the Arab world with gold reserves and the 38th in the world 2020-12-06 08:01 Shafaq News / The World Gold Council announced today, Sunday, that five Arab countries, including Iraq, possess 1,000 tons of gold in reserves with hard currency. In its latest schedule for the month of December, which was seen by Shafaq News Agency, the council said, "Five countries, including Iraq, possess 996.4 tons of gold as reserves with their hard currency," indicating that "Iraq came fifth out of these countries and ranked 38 globally out of 100 listed countries. By the table. " He added, "The first of these Arab countries with the most gold came in Saudi Arabia, with an amount of 323.1 tons, followed by Lebanon, with a value of 286.8 tons, and Algeria came in third place in the Arab world with a value of 173.6 tons, and then Libya came fourth with a value of 116.6 tons, and Iraq came fifth with a value of 96.3 tons." He pointed out that "the United States of America is still ranked first in the table with the most possessing countries in the world with 8,133 tons, followed by Germany second with 3,362 tons, then Italy third with 2,451 tons, and then France came fourth with 2,436 tons, and fifth came Russia with an amount 2.298 tons. " The council pointed out that "the quantities of gold purchases increased by 25 tons, bringing the countries total holdings of gold to 35,171 tons. Five central banks were almost completely responsible for this purchase, namely Uzbekistan (8 tons), Turkey (7 tons), the United Arab Emirates (6 tons) and Qatar." (2 tons) and India (2 tons). " It is noteworthy that the World Gold Council, which is based in the United Kingdom, has extensive experience and deep knowledge of the factors causing market change, and its members consist of the largest and most advanced gold mining companies in the world.