In the latest gold demand trends reported by World Gold Council, it was stated that Singapore central bank amassed more than 120 tonnes of gold as reserves. The amount constitutes only 2% of our reserves and the report also ranked Singapore as number 27. The top country with the most gold holding is USA, with more than 8100 tonnes of gold, followed by Germany with 3400 tonnes. Not surprisingly, North America and Europe dominated the list.
Determining the official gold holdings and demand trends are challenging, given the lack of transparency and sheer complexity of the gold market. The report by World Gold Council is based on a complex methodology of data collected from domestic sources and international trade.
The important thing that can be gleaned from the report is that there was a 17th consecutive net purchase by various governments, reflecting a sign that central banks continue to rely ......