India's central bank bought 200 tons of gold from the IMF reserves. It is equivalent to 8% of annual world production of gold.
India's finance minister said: "We have money to buy gold. We have enough foreign exchange reserves."
What? They don't want paper dollars!
Gold closed at $1084 today - up almost 3%.
Er, or is it the case that the dollar fell in value 3%?
What yard stick should I use? I am so confused.
Full article HERE.
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