Indian government swaps 6.7 billion USD for 200 tons of gold

[w¡n9Nµ7 §£@¥€r 123]

Gold prices on Tuesday surged to an all-time high after India’s central bank bought 200 tonnes of the precious metal, swapping dollars for bullion as the country’s finance minister warned the economies of the US and Europe had “collapsed”.

India’s decision to exchange $6.7bn for gold equivalent to 8 per cent of world annual mine production sent the strongest signal yet that Asian countries were moving away from the US currency.

The purchase by New Delhi’s Reserve Bank from the International Monetary Fund pushed gold prices to a record $1,086.10 per troy ounce, up 2.6 per cent on the day, as traders bet that other central banks would also become buyers.

Pranab Mukherjee, India’s finance minister, said the acquisition reflected the power of an economy that laid claim to the fifth-largest global foreign reserves: “We have money to buy gold. We have enough foreign exchange reserves.”

He contrasted India’s strength with weakness elsewhere: “Europe collapsed and North America collapsed.”

http://www.ft.com/cms/s/0/0eaa4a80-c856-11...144feabdc0.html

[sara..... 371]

Gold prices on Tuesday surged to an all-time high after India’s central bank bought 200 tonnes of the precious metal, swapping dollars for bullion as the country’s finance minister warned the economies of the US and Europe had “collapsed”.

India’s decision to exchange $6.7bn for gold equivalent to 8 per cent of world annual mine production sent the strongest signal yet that Asian countries were moving away from the US currency.

The purchase by New Delhi’s Reserve Bank from the International Monetary Fund pushed gold prices to a record $1,086.10 per troy ounce, up 2.6 per cent on the day, as traders bet that other central banks would also become buyers.

Pranab Mukherjee, India’s finance minister, said the acquisition reflected the power of an economy that laid claim to the fifth-largest global foreign reserves: “We have money to buy gold. We have enough foreign exchange reserves.”

He contrasted India’s strength with weakness elsewhere: “Europe collapsed and North America collapsed.”

http://www.ft.com/cms/s/0/0eaa4a80-c856-11...144feabdc0.html

awe nuts there goes my wedding present from perviz

sara

[Hilarious Clinton 452]

Got gold?

[justashooter 430]

He contrasted India’s strength with weakness elsewhere: “Europe collapsed and North America collapsed.”

i've seen the strength of india, and i'm not impressed. how about the group of hairy old naked men parading down the dirt road through the mud hut village in the rice patties i had to drive thru? how about the fat bridegroom in loincloth painted bright red on an ox drawn wagon holding up the pothole traffic? how about the women backfilling the steel casting pits with their bare feet and grass baskets? how about the monkey running amok that shut down the dehli airport for 3 hours by biting people? how about the dehli airport, cobbled together from the ####### left over from building the raddison? and speaking of the raddison, for $350 USD a night i could at least get some prawns that were not spoiled, yes?

[w¡n9Nµ7 §£@¥€r 123]

justashooter - if you were ever a fly on the wall when the Indian men in my family (your age or older) sit around and talk about India, you'd be surprised at much you sound like them

but that's not the point of this article. this article is about the flight away from the usd.

[meowmeowmeow 1]

perhaps this action, as well as others being taken place around the world, are hints of the imminent death of the US dollar's dominance in the world economy?

[w¡n9Nµ7 §£@¥€r 123]

perhaps this action, as well as others being taken place around the world, are hints of the imminent death of the US dollar's dominance in the world economy?

'imminent' may be going too far.

[scandal 951]

perhaps this action, as well as others being taken place around the world, are hints of the imminent death of the US dollar's dominance in the world economy?

'imminent' may be going too far.

Not worth a 'blippin' continental!

[SuperDuper! 230]

I've owned gold thru the ETF of GLD for about 4 years now, buying more every 6 months. Best investment by far this year! It's paying for all my immigration expenses and then some! Get on the Gold train before it leaves the station, but don't delay. Next stop. $2000

He contrasted India’s strength with weakness elsewhere: “Europe collapsed and North America collapsed.”

i've seen the strength of india, and i'm not impressed. how about the group of hairy old naked men parading down the dirt road through the mud hut village in the rice patties i had to drive thru? how about the fat bridegroom in loincloth painted bright red on an ox drawn wagon holding up the pothole traffic? how about the women backfilling the steel casting pits with their bare feet and grass baskets? how about the monkey running amok that shut down the dehli airport for 3 hours by biting people? how about the dehli airport, cobbled together from the ####### left over from building the raddison? and speaking of the raddison, for $350 USD a night i could at least get some prawns that were not spoiled, yes?

You are a financial genius, dude!

[DEDixon 39]

it is only 6.7 billion dls, whoopie. that is hardly a flight away from the usd.

[Trumplestiltskin 5,791]

Now we just need a fat German man to buy a nuclear weapon from the chinese government and use it to irradiate the gold reserves at Fort Knox - and all those soon to be retirees who sent in their old jewelry can buy beach houses in Florida.

[HAL 9000 96]

Sell that jewelry @ cash4gold LOL

[SuperDuper! 230]

it is only 6.7 billion dls, whoopie. that is hardly a flight away from the usd.

It's not the amount that counts. It is the MESSAGE it sends. Gold surged nearly 3% on this news story.

Just one question: Got GOLD in your portfolio?

It's not too late to get on the GOLD TRAIN B4 it leaves the station!

[Sandrila 1]

He contrasted India’s strength with weakness elsewhere: “Europe collapsed and North America collapsed.”

i've seen the strength of india, and i'm not impressed. how about the group of hairy old naked men parading down the dirt road through the mud hut village in the rice patties i had to drive thru? how about the fat bridegroom in loincloth painted bright red on an ox drawn wagon holding up the pothole traffic? how about the women backfilling the steel casting pits with their bare feet and grass baskets? how about the monkey running amok that shut down the dehli airport for 3 hours by biting people? how about the dehli airport, cobbled together from the ####### left over from building the raddison? and speaking of the raddison, for $350 USD a night i could at least get some prawns that were not spoiled, yes?

woah woah woah

got something against India??

Funny I lived there for sometime and I had quite a different take on that place and its people

[Peikko 1,575]

Shooter doesn't appreciate A.J and took a pot shot at him, it's as simple as that.