Saudi Arabia Moves to Dominate the Gold Refining Market—What It Means for You

Saudi Arabia, already one of the top 20 gold holders in the world, isn’t just sitting on its reserves—it’s taking control. The Kingdom is aggressively expanding its refining capabilities, positioning itself as a major force in the gold supply chain. According to Bandar Alkhorayef, the Minister of Industry and Mineral Resources, this is part of a broader strategy to make mining the third pillar of Saudi Arabia’s economy, right behind oil and petrochemicals. Let me put this in plain terms: Saudi Arabia isn’t just looking to mine gold. They want to refine it, process it, and control how it moves through the global system. That means they’ll have more influence over pricing, supply chains, and who gets access to the…