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India Gold Purchase and Where the Dollar Falls

November 13, 2009 By Leave a Comment

India Stampedes Into Gold

Two hundred metric tons of gold—the largest gold purchase in history. Think 44 Asian elephants. The buyer’s motive was clear: to get away from the dollar. But why did America’s leaders give the okay for the imf to sell America’s gold?

Late last month the Central Bank of India bought 200 metric tons of gold from the International Monetary Fund. It is the biggest signal yet that Asian countries are moving away from the dollar, the Financial Times inferred. As he swapped his country’s dollars for hard assets, India’s finance minister was blunt: The economies of the U.S. and Europe have “collapsed.” India was doing what it could to prepare for the coming meltdown. [Read more...]

Filed Under: Currency, Gold Market Tagged With: , , ,

Indian Gold ETFs

November 11, 2009 By Leave a Comment
Gold underlying Indian ETFs jumped 25.7% year on year MUMBAI (Reuters) - India's gold collection under exchange-traded funds rose 25.7% on year to 7.049 tonnes in October, when the yellow metal touched new record highs, data from the funds showed. Gold futures on the continuation chart on the Multi Commodity Exchange made three record highs in October, before hitting a fresh all-time high of 16,703 rupees on Monday. [Read more...]
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Beijing Insider: China “Can’t Buy Enough Gold”

November 5, 2009 By Leave a Comment
Gold "Targets $1100" as Beijing Insider Says China "Can't Buy Enough Gold" London Gold Market Report The price of gold in wholesale 400-ounce form held steady Thursday morning in London as world stock markets slipped. Trading near $1090 and €735 an ounce for US and Eurozone investors, gold was up 4.3% and 3.5% respectively for the week so far. Crude oil crept back above $80 per barrel. The US Dollar slipped on the forex market as the European Central Bank and Bank of England kept their key interest rate on hold at record lows. [Read more...]
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Central Banks Buying Gold to Hedge Against the Dollar

November 3, 2009 By Leave a Comment
India Buys IMF Gold to Boost Reserves as Dollar Drops Nov. 3 (Bloomberg) -- India, the world’s biggest gold consumer, bought 200 metric tons from the International Monetary Fund for $6.7 billion as central banks show increased interest in diversifying their holdings to protect against a slumping dollar. [Read more...]
Filed Under: Gold Market, U.S. Dollar Tagged With: ,

India Gold Purchase and Uptick in Gold Price

November 3, 2009 By Leave a Comment
How India’s 200 Ton Purchase of IMF Gold Affects You In a move that surprised many traders, the International Monetary Fund ended up selling 200 tons of gold to the Reserve Bank of India for $6.7 billion this month. Many expected most, if not all, of the sale to go to China. However, about half the original amount of gold, roughly 200 tons, is still up for sale and could go to China, another buyer, or be sold on the open market. [Read more...]
Filed Under: Gold Market, Gold Prices Tagged With: ,

International Monetary Fund: 200 Metric Tons of Gold to India

November 3, 2009 By Leave a Comment
IMF Announces Sale of 200 metric tons of Gold to the Reserve Bank of India The International Monetary Fund announced today the sale of 200 metric tons of gold to the Reserve Bank of India. This amount represents almost half of the total sales volume of 403.3 metric tons that was approved by the Executive Board in September (see Press Release No. 09/310). [Read more...]
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India Emerges as Big Gold Buyer

October 20, 2009 By Leave a Comment
A Visit to India's Gold Man We just visited India’s biggest gold market maker. We entered a decrepit building with towering slums around it. We got in a creaky elevator little bigger than a phone booth, with an attendant who opens and shuts the door. The elevator looked about a hundred years old. We got to our floor and went down a filthy hallway so narrow that you had to turn your shoulders to get by other people in the hall. Finally, we got to this gold merchant’s office. [Read more...]
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