Saudi firm buys gold from African central bank

Discussion in 'Financial Cents' started by melbo, May 22, 2006.

  1. melbo

    melbo Hunter Gatherer Administrator Founding Member

    RIYADH (Reuters) - A private Saudi jeweller has bought 36 tonnes of raw gold from an African central bank for 1.8 billion riyals, a company spokesman said on Monday, confirming a newspaper report.

    When asked about the report in leading Saudi business daily al-Eqtisadiah, the spokesman said: "That is correct."

    He declined to elaborate.

    The newspaper quoted Suleiman al-Othaim, board chairman of the Riyadh-based al-Othaim Gold and Jewellery firm, as saying the gold would be delivered in the fourth quarter of this year.

    "The deal was concluded directly (with the unidentified African central bank) without any intermediary," the newspaper quoted him as saying.
  2. ColtCarbine

    ColtCarbine Monkey+++ Founding Member

    Don't know much about financial crap, stock markets or investment stuff. However, I do believe this person is going to get a pretty good return on his investment, if the market continues it's trend. Good for him [winkthumb]
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