Saudi sees 16pc drop in gold demand.TradeArabia (Manama, Bahrain); 8/18/2008; 817 words; ...Purchases of gold jewellery and investment in Saudi Arabia fell 16...tonnage terms,CO WGC Gulf consultant...Bisher Diab said. CO(But) the region...its volatility.CO Gold powered to...Hilal Publishing & ...

WGC to help develop Saudi gold market.

WGC to help develop Saudi gold market.

TradeArabia (Manama, Bahrain); 7/20/2010; 687 words; ...of the World Gold Council (WGC...representatives of Saudi Arabia's gold...Gate Of Gold Co. (established...also working to co-deliver seminars...the gold and jewellery committees

Investcorp eyes luxury brands.
TradeArabia (Manama, Bahrain); 6/10/2009; 792 words; ...Azmat Taufique, co-head of the...East's largest gold and jewellery maker, L'Azurde...not necessarily jewellery but broadly in...affinity for owning gold, Taufique said...markets like Saudi Arabia and Egypt...Publishing & ...

Jewellery Marketing Co. and Saudi Gold

Jewellery Marketing Co. and Saudi Gold

Limited Liability Company
PO Box 8020, Riyadh,  11482, Saudi Arabia
()966 01 498 0128, 966 01 498 1272 fax, http://www.bellsilver.com

Primary SIC: Gold Ores, Primary NAICS: Gold Ore Mining
Description: Mining: Gold refinery including all kinds of gold jewellery, coins and ingots 

Saudi Arabia All the Gold in

Saudi Arabia All the Gold in

There was a story out last week in the Gulf News about unprecedented gold buying in Saudi Arabia during the first half of November. According to the report, 13 billion Saudi riyals worth of the metal have been purchased in recent weeks - about $3.5 billion or roughly 140 tonnes at today's prices.
A quick check of the SPDR Gold Shares ETF (NYSEArca:GLD) shows no similar buying over this time. In fact, the world's most popular gold ETF has been noticeably quiet during this period, with just 0.3 tonnes exiting the trust earlier in the month, barely noticeable in the chart below.
It also looks like there's another little wedge pattern forming at around $740 an ounce.
This report by Peter Cooper at ArabianMoney.net, which also appears at Seeking Alpha, lends some credibility to the story in the Gulf News, one of the leading English-language newspapers in the region:

I cannot verify the source but all I can say is that this has the hallmarks of a genuine story, based on my 25 years in financial journalism. First, it was buried on an inside page and the amount was given in UAE currency later in the story - hardly the action of somebody looking to manipulate the gold price, more an indication that the sub-editors did not understand the importance of this story.

Second, this is how the best stories emerge from Saudi Arabia - the market is not very transparent but insiders do notice big changes and pass this information on, and it surfaces as well sourced rumor. I am afraid this is about as good as it gets in the Middle East.

With local stock markets faltering badly and the property market in Dubai and elsewhere beginning what might be a truly spectacular fall, it makes sense that wealthy individuals would seek out more secure assets during this time of uncertainty.
Curious to see what this two-week purchase would look like when laid up against the inventory at the Gold ETF which, incidentally, just celebrated its four year anniversary, the chart below was created with the recent Saudi purchases indicated in yellow.

The 140 tonnes recently purchased in Saudi Arabia amount to about one-fifth the inventory that took four years to accumulate at the Gold ETF.

Gold Coins Saudi Arabian

Gold Coins Saudi Arabian

Brief Saudi Arabian History
Saudi Arabia was formed in 1932 by the amalgamation of the smaller states of Nejd, Al Hasa, Hejaz, and Asir.
Saudi Arabian Gold Coins
Only a small number of different gold coin designs, five, have ever been issued by Saudi Arabia.
The Hejira date 1370 is from October 13th 1950 to October 1st 1951.
Specifications
Technical specifications of the most frequently encountered Saudi Arabian gold coins.

Denomination	Diameter	Weight	Alloy	AGW
Guinea	22	7.9881	.9166	0.2354

Key
Denomination = Face value
Diameter = Approximate Diameter in millimetres.
Weight = Weight in grams.
Alloy = Fineness of gold.
AGW = Actual fine gold weight in troy ounces.

Prices & Availability
The prices quoted in the US $ column may be out of date due to currency fluctuations.

Date	Hejira Date	Denomination	Grade	Mintage	Availability	Price £	Price $
1950 - 1951	1370	Guinea	about Unc.	2,000,000	Yes	£225	$360

Please check our Standard Terms for Bullion Coins.
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