Will central banks become increasingly inclined to invest reserves in gold rather than dollars?
* Bloomberg, by Claudia Carpenter & Pham-Duy Nguyen, November 3, 2009:
'Gold Climbs to Record as India's Central Bank Buys From IMF
Gold jumped to a record after India's central bank bought 200 metric
tons of the metal from the International Monetary Fund, heightening
speculation about more official purchases.
Gold futures for December delivery rose to a record $1,077.30 an ounce
on the Comex division of the New York Mercantile Exchange. The previous
record was $1,072 an ounce, set on Oct. 14.
The $6.7 billion sale to the Reserve Bank of India is 'the biggest
single central-bank purchase that we know about for at least 30 years
in such a short period,' said Timothy Green, author of 'The Ages of
Gold.' 'The only comparable event was the U.S.'s steady purchases
in the 1930s and 1940s.' ''
*This information is solely a highlight of the opinion of a third-party publication and is incomplete. Please subscribe to this publication for the full and timely opinion of the author and call a Monex Account Representative for any additional up-to-date information. This is not an offer to buy or sell precious metals. Investors should obtain advice based on their own individual circumstances and understand the risk before making any investment decision.
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