← Back to All Videos

Inida Buys 200 Metic Tons of Gold

Blog Oct 31, 2011

Inida Buys 200 Metic Tons of Gold

According to Bloomberg news, “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.”

India previously held 358 metric tons so this is a huge move into more gold. “The fall in the U.S. dollar seems to be pushing all the central banks to strengthen their portfolio with gold,” said N.R. Bhanumurthy, professor at the National Institute of Public Finance and Policy in New Delhi. “Gold is a safe store of value compared to the U.S. dollar.”

“The most important thing is that people want gold even at these prices,” said Ghee Peh, head of mining research, with UBS AG in Hong Kong. “There’s good support for prices for now.”

This purchase by India accounts for about half of what the IMF intends to sell and according to thebulliondesk.com China and Russia may buy the rest.

“Gold production has been declining for the past seven years, while demand, particularly the investment demand, has been growing steadily,” Way2Wealth’s Reddy said. “Central banks and even ordinary investors want to own more gold."

To read the entire article click here.

Thumbnail Photo We believe that everyone deserves a properly developed strategy for financial safety.

Lynette Zang

Chief Market Analyst, ITM Trading

Sources & References In This Article

    Similar Posts

    Blog Jan 9, 2020

    REAL OR FAKE GOLD, BIG VS SMALL BANK DEPOSITS… Q&A with Lynette Zang and Eric Griffin

    Learn More
    Blog Nov 28, 2018

    ENTERING THE MINEFIELD: Is Your Armor Ready? By Lynette Zang

    Learn More
    Blog Nov 27, 2018

    RECESSION to RESET: What Happens Next? Q&A with Lynette Zang and Eric Griffin

    Learn More
    Blog Nov 21, 2018

    A GLOBAL THREAT US & China Clash of the Titans

    Learn More
    Blog Nov 20, 2018

    PRECIOUS METALS STRATEGY: Get the MOST from Gold & Silver. Q&A with Lynette Zang and Eric Griffin

    Learn More
    Blog Nov 16, 2018

    IS THIS IT? Corporate Buybacks vs ETFs By Lynette Zang

    Learn More
    Blog Nov 14, 2018

    ETF-YOU: Will You Get Screwed? By Lynette Zang

    Learn More
    Blog Nov 13, 2018

    THE FUTURE OF GOLD: As Economic Patterns Shift. Q&A with Lynette Zang and Eric Griffin

    Learn More

    Not Sure What Works for You?

    Our team has over a century of combined experience in guiding our customers to the best products is for their wealth protection and preservation goals. Call us today.

    888-696-4653
    or schedule a call

    Schedule A Strategy Session

    Get Your Free Protection Guide

    Stay Informed

    Receive the latest updates regarding the economy.