Indian finance minister Pranab Mukherjee just punctuated his country's enormous purchase of gold by saying the economies of Europe and the U.S. have "collapsed." The comment and the purchase reflect the changing fortunes of Asia versus the West… which is bullish for gold.
The FT reports:
The purchase by New Delhi’s Reserve Bank from the International Monetary Fund pushed gold prices to a record $1,090.90 per troy ounce, up 2.6 per cent on the day, as traders bet that other central banks would also become buyers.
The FT reports:
The purchase by New Delhi’s Reserve Bank from the International Monetary Fund pushed gold prices to a record $1,090.90 per troy ounce, up 2.6 per cent on the day, as traders bet that other central banks would also become buyers.
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