NOV 3, 2009 – The mainstream financial media reported today that the Reserve Bank of India made the largest single gold purchase in the past 30 years! The Price of Gold is nearing $1,100.00 a Troy Ounce!
India purchased $6.7 Billion Dollars of Gold (200 Metric Tons) from the IMF (International Monetary Fund) today. This action shocked the precious metals market, causing the COMEX December Gold price to surge upward to a market close of $1,085.30 at 12:30 EDT and to head towards $1,100.00 in aftermarket trading. This drive forward represents a 1.35% increase in the value of gold over just the past 2 weeks. India's purchase is half of a planned purchase with the IMF, and it surprised traders, who expected China to be the most likely buyer.
“India Buys IMF Gold To Boost Reserves as Dollar Drops (Update2)” - Bloomberg.com
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