Today, we add a new phrase to our gold bubble lexicon: “Peacocking.” How else would you explain this: Saudi Arabia “restated” its gold reserves yesterday, right as the spot price found an all-time high of $1,265. Last week, SAMA, the shady Saudi sovereign wealth fund, held 143 tons of gold. Today – 322 tons!
The Saudis gave little explanation other than a humble “adjustment of the SAMA’s gold accounts.” Heh, 100+%? That’s some adjustment.
China did the same thing roughly a year ago. Having not reported its gold holdings in years, the Chinese quietly announced they were holding over 1,000 tons of the metal, double what the world expected. (more)
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