The price of an ounce of gold on the gold spot market has reached record levels at $1,092.60.
The precious metal's performance has been helped by the US dollar's generally weak status of late, plus a boost: the IMF plans to sell off around 400 tonnes of its 3,217-tonne gold reserves.
This move is seen as being a good factor for developing nations and to take pressure off the US dollar as a reserve currency.
India has already jumped on the IMF's offer, with a bid to buy around 200 tonnes, costing around $6.7 billion.
No prizes for guessing who is aiming to buy the remaining 200-odd tonnes.....yes, China is already preparing to make the purchase, still on its crusade to take away the dollar's status.
The nation already has vast gold reserves - it was building these up while the UK's then-Chancellor Brown was busy selling off the country's reserves at a quarter of today's price.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment