11-04-2009, 07:52 AM
India buys 200 tons of gold
Move shows little confidence in the dollar
Posted by 247 wallst on Tuesday, November 3, 2009 12:17 PM
The dollar is still losing its luster as the foreign reserve currency of choice.
India has bought 200 tons of gold from the International Monetary Fund at $1,045 an ounce, which is close to a recent record high of $1,070. The entire transaction is worth almost $7 billion.
The move is seen as a way for Indiaâs central bank to move some of its capital away from investments in the dollar.
http://articles.moneycentral.msn.com/Inves...51070>1=33002
Move shows little confidence in the dollar
Posted by 247 wallst on Tuesday, November 3, 2009 12:17 PM
The dollar is still losing its luster as the foreign reserve currency of choice.
India has bought 200 tons of gold from the International Monetary Fund at $1,045 an ounce, which is close to a recent record high of $1,070. The entire transaction is worth almost $7 billion.
The move is seen as a way for Indiaâs central bank to move some of its capital away from investments in the dollar.
http://articles.moneycentral.msn.com/Inves...51070>1=33002