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Wednesday, November 4, 2009

India joins China in mad rush out of the dollar

The dollar is still losing its luster as the foreign reserve currency of choice.

India has just bought 200 tons of gold from the IMF at $1,045 an ounce which is close to a recent record high of $1,070. The entire transaction is worth almost $7 billion. The move is seen as a way for India’s central bank to move some of its capital away from investments in the dollar.

The IMF may sell another 200 tons of gold...

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