IMF Sells 200 Tons of Gold to India for $6.7 Billion
November 3, 2009 by goldguru · Leave a Comment
The Prudent Investor submits:
The gold bull market becomes more interesting with every day. Based on disastrous economic fundamentals, it now seems to be able to withstand hits of any size.
In a surprising move the IMF announced on Tuesday that it had sold 200 metric tons of gold to India in the last two weeks, valuing the sale at $6.7 billion or 4.2 billion Special Drawing Rights (SDR).
The Reserve Bank of India had last released gold holdings of 357.8 metric tons as of March 2009. This purchase increases India’s official gold reserves by more than 55% to 557.8 tons.
According to the release India bought the hoard between October 19 and 30 at daily market prices. The sale was executed directly after gold’s new record of $1,072 per ounce on October 14, according to Bloomberg figures.
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