Singapore expanded its gold stockpiles by roughly 20% this year. In a relatively unreported move, Singapore raised the gold stocks for over the first time in many years. The central bank of the country claimed that this move will safeguard the stability of investment scopes in the future. According to statistics obtained from the Monetary Authority of Singapore's International Reserves and Foreign Currency Liquidity, Singapore acquired around 26.3 tons of gold in May and June.
Singapore Kept Recent Gold Stocks Unreported
Every month, the World Gold Council updates its gold holding spreadsheets. The document, which is kept in the form of a spreadsheet, ranks the gold holders from largest to smallest. Singapore purchased an additional 26.3 tons of gold, which was added to the spreadsheet in November 2021. However, the money was supposed to be added in May and June.
International Monetary Fund (IMF) Statistics will only be revised if a particular nation notifies the organization of a modification in its gold stocks. Singapore's gold stocks are based only on IMF IFS data, which has been adjusted to reflect Singapore's gold acquisitions for some explanation. As a result, Singapore has lately notified the IMF of its May-June gold purchases.
The shift in gold stocks is the consequence of the Monetary Authority of Singapore’s (MAS) continued work to ensure that the Official Foreign Reserves composition stays healthy and robust in the face of changing business and financial circumstances. However, the amount paid for the bullion by MAS was not disclosed yet.
According to MAS statistics, the central bank's entire gold stockpiles totaled around 154 tons. The central bank could well have recommended not to draw attention to the actual amount of gold in its foreign assets. Because doing so, could empower overseas international markets to perceive the acquisition as strengthening the city-reserve state's role and probably putting ascending stress on its currency value.
Singapore's Recent Volume of Gold stock
Although the multiple reporting lagged, these records demonstrate that the Monetary Authority of Singapore (MAS) kept reporting growth in gold stocks on 30 July and again on 31 August. But due to certain circumstances, no one observed, or those who did see did not broadcast it.
There is a likelihood that MAS has just changed its "International Reserves" reporting beginning May to reflect these gold acquisitions retroactively. The central bank could well have recommended not to draw attention to the actual amount of gold in its foreign assets
Central bank thirst for gold has commenced after resting on the outskirts for much of last year, owing in part to worldwide price inflation as well as breakdowns in the electricity sector. Gold is considered a high economic indicator.
Conclusion
It appears that no one has noticed the revised gold stocks data in the MAS monthly "International Reserves" statements since the end of July. Simultaneously, the MAS did not publicize its gold acquisitions to the gold market or the economic press. There was no public statement and no other kind of communication.
