Nov 04 2009

India buys 200 tonnes of Gold - Now at new high

November 04, 2009

India buys 200 tonnes of Gold from the IMF for 6.7 billion US Dollars. Thats more than 7 million ounces and half of the announced IMF gold sale of 400 tonnes. Who will buy the other 200 tonnes? My bet is China. Why are they doing this? They want to get rid of their US Dollars and into hard assets. Gold is the money of kings. Debt is the money of slaves. Just look at the rate of decline in foreign purchases of US debt:

Today Gold hit 1.100 USD/Oz - a new all time high - and is now at about 1.090 USD/Oz (Follow the gold price live). Also listen to Peter Schiff on the latest development:

This entry was posted on Wednesday, November 4th, 2009 at 2:13 pm and is filed under Central banking, Gold, US dollar. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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Johnny Mellgren is a Swedish entrepreneur with a keen interest in macro economics and macro politics. This is his web site where he blogs about the economic collapse of our time, what to do about it and the economic future we create together. Contact Johnny Mellgren.

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I provide advice on investment portfolios for private and corporate clients. I also hold lectures in the history of money and the current economic collapse and how to protect your wealth in a time of transition.