For the first time since 2000, the Singapore government increased its gold reserves by 20% (26.3 metric tons) in May and June of this year, raising its gold reserves to 154 metric tons.
Is this a sign that cash is losing confidence and does this foreshadow an impending crisis or is it just a reflection of the foresight who still believe in gold as the safest foreign currency?
If they bought in 2000, that was good timing as it turned out to be the bottom of a 2-decade bear market. (The UK sold off half its gold reserves around the same time. Doh!) I wonder if their current purchases will prove to be as fortuitous.
Meanwhile the U.S. (according to the Treasury) 8150 metric tons. And The Fed holds 404 metric tons for other nations. I think we won't run short anytime soon.
Yes and be in Changi ever after LOL ( There are 2 changi in Singapore , one is the airport and the second is the jail)