India Bought 200 metric tons of gold from IMF
- 3 Comment
Buying Gold as Foreign Exchange
Yesterday India bought 200 metric tons of gold from IMF. Earlier this year IMF had announced that it is willing to sell 400 metric tons of gold to rais the funds. IMF will use these funds to lend developing countries for the development. India had bought half that gold, it resuts the new high for gold prices.
In the recent days, value of the dollar currency is weakening against other curnnencies. It is main reason why countries want to invest in the gold which isconsidered as the global currency and later easy to convert to money. The following is the list of larhest holder of gold:
- USA
- Germany
- IMF
Although India is the world’s biggest consumer of gold, primarily in the form of jewellery and investmen.See the below diagram for largest holding of gold by countries:
With this buy, India had positioned good tie with IMF and it is better move. Now who will buy next. May be china will try to buy the remaining gold because India had bought and India already have good relation with IMF for taking any decision on the global issues. We will wait and watch.
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3 Comments on this post
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wasim yaqub said:
hello my client nik powell of virgin media is looking to buy 5 mt of gold
can you deal with this orderNovember 20th, 2009 at 5:53 am -
krishnas said:
Hello Wasim,
definitly I can’t deal this order
Thanks,
KrishnaNovember 20th, 2009 at 6:03 am -
Kuldeep Singhe said:
A note to all people reading this mr wasim yaqub is a scam artist currently he has taken millions in fake deals.
nik powell of virgin media is not a gold buyer nor has ever heard of this individual
if this person contacts you report to the police there is a 50k reward for his arrestNovember 30th, 2009 at 11:47 am
