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*Breaking* India buys gold to hedge against decline in US Dollar

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mandle/honiker
User ID: 774263
11/3/2009 4:30 AM
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*Breaking* India buys gold to hedge against decline in US Dollar
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"The fall in the U.S. dollar seems to be pushing all the central banks to strengthen their portfolio with gold....."

[link to www.bloomberg.com]
Anonymous Coward
User ID: 566027
11/3/2009 4:33 AM
Re: *Breaking* India buys gold to hedge against decline in US DollarQuote

WHOA!

Nov. 3 (Bloomberg) -- The International Monetary Fund sold 200 metric tons of gold to the Reserve Bank of India for about $6.7 billion, its first such sale in nine years.

The transaction, equivalent to 8 percent of global annual mine production, involved daily sales from Oct. 19-30 at market prices and is in the process of being settled, the IMF said in a statement yesterday. The average price to India, the biggest consumer, was about $1,045 an ounce, an IMF official said on a conference call. Gold for immediate delivery gained 0.2 percent.

“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.”
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