Posted on 11/12/2009 10:59:13 AM PST by Pride_of_the_Bluegrass
India, it turns out, ended up being gold’s white knight. The world learned yesterday that India had bought 200 tons of the IMF’s gold over a two-week period in October, at an average price of $1,045 an ounce. That’s a 57% increase in Indian gold reserves… quite a statement.
“The Indian transaction may be the largest single central bank purchase of gold ever,” notes Byron King. “The only comparable event was the U.S. government seizure of gold from circulation within the nation back in 1933, along with steady U.S. government purchases in the 1930s and 1940s.
“I e-mailed an acquaintance of mine who works in the ‘financial’ side of the U.S. government — I cannot say what Cabinet department, but his office has a view of the White House. I asked why the IMF sold the gold to India, and not China.
(Excerpt) Read more at dailyreckoning.com ...
Gold? I’ll take 200 TONS, please. Sheeesh.
ping
As I recall, India has a law prohibiting any selling of gold outside or out from India to foreign purchasers. So, in effect, they are a one-way black hole for Gold. If they are allowed to continue to horde gold that will be a continual reduction in gold available to the “free market” for it, and will have severe negative repercussions on the industrial use of the metal, as well as of course the currency implications.
On the horizon?
You’re joking, right? Americans lost their gold then, and even silver was hoovered up by the 80s, in the form of forks and knives and tea sets. Nobody uses silverware anymore. I suppose they could try and confiscate coin collections and state quarter sets and wedding rings. Good luck with that.
No. I’m not joking. Who is in power?
the average american doesn’t even know how to spell gold. see the youtube of the guy trying to sell a 1oz gold coin for $50 in a “man on the street” style. he got no takers.
there isn’t enough gold out in the public to make worth confiscation. COMEX, ETFs, etc - that’s another story
That was pretty much a one time deal.
Time will tell, but I don’t trust this bunch with anything and nothing would surprise me. That’s all I am saying.
Obama is a puppet. Presidents come and go but the puppet masters don’t change. The last REAL president we had was Andrew Jackson.
If the banksters want your gold they will get it. Got guns?
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