Bloomberg quotes BullionStar’s article about Singapore central bank buying gold
- 29 Nov 2021
Bloomberg, the leading financial and markets media platform, today quoted BullionStar’s Ronan Manly in an article about the recent purchase by Singapore’s central bank of 26 tonnes of gold.
The Bloomberg article is titled “Singapore adds to its gold pile for the first time in decades”, and highlights the fact that during May and June of 2021, Singapore’s central bank, the Monetary Authority of Singapore (MAS), boosted its gold reserves by more than 20%.
Bloomberg writes “The central bank may have preferred to not draw attention to the amount of gold in its international reserves as this might encourage foreign-exchange markets to view the purchase as a move that strengthens the city-state’s reserve position and potentially put upward pressure on it’s exchange rate, according to a blog post by Ronan Manly, a precious metals analyst at Singapore dealer BullionStar.”
In fact, Manly first highlighted MAS’s gold purchase in a BullionStar article published on 27 November, titled “In low key move, Singapore’s central bank adds 26 tonnes to its gold reserves”.