Secret Gold Reserves of Saudi Arabia

[pioneer]

Estimates of the gold reserves held by Saudi Arabia have been doubled to 323 tons after an accounting change.

The Middle East kingdom had previously been calculated by the World Gold Council as owning a mere 143 tons.

The trade organisation said it changed its estimate "as a result of the adjustment of the Saudi Arabian Monetary Agency's gold accounts".

The surprise upward revision may partly be due to previously unknown gold purchases since 2008.

The price of gold has risen at an accelerating pace since 2001, and currently trades at $1,255 per troy ounce, about five times its level of 2001.

- source: BBC Online