India’s Central Bank buys 200 tonnes of Gold for $6,7bn
Watch for the strategic moves of some market participants especially in Asia,
we pointed out on this blog several times when commenting the Gold market’s recent run-up!
And now India’s central bank buys 200 tonnes of Gold from the IMF!
This is the biggest single gold purchase within the last 30 years.
Gold jumped to a new record high this morning as it becomes evident that large buyers like governments and central banks accept these current price levels!
Will governments of other countries follow? Will they diversify their reserves away from the US-Dollar?
India today confirmed they will do so!
Don’t forget that the Asian countries are not indebted like the US or the major European countries. They have money. They accumulated huge currency reserves over the last years and they are more and more frustrated about the declining value of the US-Dollar.
Stay tuned as this story unfolds!