Tuesday, November 3, 2009

India Buys IMF Gold. Gold Price Surges in Response!

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.

The transaction, equivalent to 8 percent of world annual mine production, was the IMF’s first such sale in nine years and propels India to the ninth-biggest government owner globally, according to figures from London-based research company GFMS Ltd. The country previously held 358 tons, the data show. The news was a “surprise because everybody was talking about China being the buyer,” said James Moore, an analyst at
TheBullionDesk.com.

Read the rest of the article here

One does not have to explain that this is very bullish for gold. It was not that long ago that India was only buying scrap. Now, things have changed, for the better!

Also, with various cultural festivities and other holidays, November and December should be very profitable months for those invested in gold. That is, if the cards are played correctly and the deck is not rigged.

Seems it was the right decision to wait until today before doing a chart. Lucky me!
Thus, after closing I will as usual do my chart of the day. See you then.

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