Reserve Bank of India buys 200 tonnes of gold!
posted on
Nov 02, 2009 11:56PM
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Did anyone else notice this? The cat is out of the bag.
http://www.preciousmetalstockreview.com/downloads/India%20Buys%20HALF%20IMF%20403%20Tonnes%20pdf.pdf
India Buys HALF IMF’s 403 Tonnes
Upon doing a last late day review of the latest news I noticed a
bombshell. Apparently India has brokered a deal with the IMF to buy 200
tonnes of the slated to be sold 403 tonnes gold.
Apparently it’s been approved since September but to my knowledge not
announced. The IMF director said;
"I strongly welcome this transaction with the Reserve Bank of India,"
Managing Director Dominique Strauss-Kahn said in a statement. "This
transaction is an important step toward achieving the objectives of the
IMF's limited gold sales program, which are to help put the Fund's
finances on a sound long-term footing and enable us to step up muchneeded
concessional lending to the poorest countries."
The transaction, which is in the process of being settled, involved daily
sales that were phased over a two week period during October 19-30,
2009, with each daily sale conducted at a price set on the basis of market
prices prevailing that day.
The total sales proceeds are equivalent to 6.7 billion dollars or SDR 4.2
billion.”
This caught me off guard completely. I assumed that China would be the
sole or majority buyer. Let’s see if China issues a statement on this in the days
ahead, or if another announcement comes out in the near future announcing
that China has bought the rest of the gold in a similar deal.