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Fed Dumping Gold To Avoid Default?

Mad Scientist (aka AmJedi)
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User ID: 45078308
United States
10/09/2013 09:44 PM
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Fed Dumping Gold To Avoid Default?
[link to mobile.bloomberg.com]

Gold fell the most in a week, dropping below $1,300 an ounce, after the dollar extended gains and as imports slumped in India, the world’s biggest consumer.
The Bloomberg U.S. Dollar Index, a gauge against 10 major trading partners, rose to a one-week high, curbing demand for the precious metal as an alternative asset. Purchases of gold and silver by India were worth $800 million in September compared with $4.6 billion a year earlier, the Commerce Ministry said today.

This would be a good a explanation. They know we are going to breach the debt ceiling so they dumped the gold onto the market in attempt to forestall collapse.
(GLP aka American Jedi)

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