Looking Behind the Saudi Gold Holdings Increase

Gold prices continue to march higher, hitting a new all-time high near $1,265 this Monday morning in London trading before settling down to the $1,250 to $1260 area. Reportedly, the catalyst to higher gold prices was the revelation that Saudi Arabia's central bank, the Saudi Arabian Monetary Authority (SAMA) had made a sizable addition to its official gold holdings in early 2008 but only recently chose to report this metal in its official central bank reserve accounts.