India Jumps Up in Gold Rankings

Here's what the most recent World Official Gold Holdings from the World Gold Council look like with the transfer of 200 tonnes of the yellow metal from the IMF to India.
Hopefully, they're taking delivery of the stuff rather than trusting that gold held in New York vaults will be transferred to their account or some such.

Comments

[Mad Hedge F...:]

cvi News broke this morning that, out of the blue, the Reserve Bank of India bought 200 metric tonnes of gold from the IMF for a handy $6.8 billion. The news set the gold market on fire, boosting the December futures $40 to an all time high of $1,088. It is the largest transaction in the barbaric relic since the Alaric’s Visigoths sacked Rome in 410 AD. It has been public knowledge for some time that the IMF was looking to unload 403 tonnes of the yellow metal in order to fund lending to poor countries. Many traders say this threatening overhang is why gold failed to definitively break out to the upside this year, despite six attempts. The expectation was that China would take this hoard as part of a broader diversification away from the dollar. Bringing India into the fray, which had no prior history of stockpiling gold, is a whole new plate of basmati rice. Not only does this raise the prospect of a bidding war with China for more gold reserves, other cash rich emerging market central banks are likely to join the mosh pit as well, no doubt panicked by the ominously rising whirr of printing presses in the developed countries. My short term goal for gold was $1,200, but I now have to raise that to the $1,300 favored by some chartists in view of the new dynamics. If you want to see my long term target, take a look at the chart below, which has gold zeroing in on its inflation adjusted all time high of $2,358. For those who prefer holding the barbaric relic of the physical kind, visit the tightest spreads in town on American Eagles and bullion at www.millenniummetals.net/ . And while you’re there, sign up for their free research product on precious metals.

Nov 04 01:00 PM

[Roger Knights:]

They should have bought all 400 tonnes at the same price (mirroring the market price). Now they'll have to pay more for the rest.

Nov 04 04:33 PM

[Uppai Mappla:]

Add to it some 25,000 tonnes of gold privately held in India.
2ndlook.wordpress.com/.../

Indian economy has been sinking for decades under the weight of this useless metal.

www.princejewellery.co...

Et tu RBI?

Nov 04 04:46 PM

[Zmartmoney:]

I know, they could have all, like, bought iPODs or something...like, you know...


On Nov 04 04:46 PM Uppai Mappla wrote:

> Add to it some 25,000 tonnes of gold privately held in India. <br/>2ndlook.wordpress.com/.../
>
>
> Indian economy has been sinking for decades under the weight of this
> useless metal.
>
> www.princejewellery.co...
>
> Et tu RBI?

Nov 05 10:21 AM