Message:

<p>[QUOTE=&quot;Cloudsweeper99, post: 728463, member: 3011&quot;]Half of IMF gold sold, and hardly a dent in the price.</p><p><br /></p><p>India Buys IMF Gold to Boost Reserves as Dollar Drops </p><p>By Thomas Kutty Abraham and Kim Kyoungwha</p><p><br /></p><p>&nbsp;&nbsp; &nbsp; Nov. 3 (Bloomberg) -- India, the world’s biggest gold</p><p>consumer, bought 200 tons from the International Monetary Fund</p><p>for $6.7 billion as central banks show increased interest in</p><p>diversifying their holdings to protect against a slumping dollar.</p><p>&nbsp;&nbsp; &nbsp; The transaction, equivalent to 8 percent of world annual</p><p>mine production, was the IMF’s first such sale in nine years and</p><p>propels India to the ninth-biggest government owner globally,</p><p>according to figures from London-based research company GFMS Ltd.</p><p>The country previously held 358 tons, the data show. The news</p><p>was a “surprise because everybody was talking about China being</p><p>the buyer,” said James Moore, an analyst at TheBullionDesk.com.</p><p>&nbsp;&nbsp; &nbsp; “The fall in the U.S. dollar seems to be pushing all the</p><p>central banks to strengthen their portfolio with gold,” said</p><p>N.R. Bhanumurthy, professor at the National Institute of Public</p><p>Finance and Policy in New Delhi. “Gold is a safe store of value</p><p>compared to the U.S. dollar.”</p><p>&nbsp;&nbsp; &nbsp; Gold for immediate delivery was little changed at $1,057.63</p><p>an ounce at 6:52 p.m. in Singapore and was about $13 below its</p><p>record $1,070.80 an ounce reached Oct. 14. India purchased the</p><p>gold at an average price of about $1,045 an ounce, according to</p><p>an IMF official on a conference call.[/QUOTE]</p><p><br /></p>

Your name or email address:

Do you already have an account?

• No, create an account now.
• Yes, my password is:
• Forgot your password?

Stay logged in