Saudi Arabia's gold mining sector is booming, driven by Saudi Arabian Mining Company (Maaden)'s major discoveries, including a vast 125km gold belt near Mecca and significant new reserves (7.8 million ounces) across four sites, bolstering Vision 2030's goal to diversify from oil by creating jobs, attracting investment, and boosting global gold supply, with exploration continuing at sites like Ar Rjum and Mansourah. This video from the Saudi Arabian Mining Company (Maaden) discusses the discovery of new gold reserves: $XAU
Today, gold is around $4,500-$4,600/oz and silver is roughly $77-$84/oz, with prices fluctuating, but these precious metals are also represented in crypto via tokens like $SILVER on BNB Chain or gold-backed tokens (not shown), trading against stablecoins or other cryptos, while Bitcoin is climbing towards $92k, showing traditional assets & crypto often move with geopolitical/economic news. Gold & Silver Spot Prices (Approximate, January 12, 2026) Gold (XAU/USD): Around $4,578 - $4,470 per troy ounce, showing slight daily movement. Silver (XAG/USD): Around $83.76 - $76.87 per troy ounce, also fluctuating. Gold & Silver in the Crypto Market Gold-backed Tokens: Tokens like PAX Gold (PAXG) or Tether Gold (XAUT) aim to mirror gold's price, trading on crypto exchanges. Silver Tokens: Some tokens, like the meme coin $SILVER, exist on BNB Chain, but prices are very low and volatile; true silver-backed tokens are less common. ETFs: ETFs like SLV (iShares Silver) trade like stocks, offering crypto-adjacent exposure to physical metals. $XAU $XAG
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