They bought the equivalent of 6.7 billion dollars worth of gold.
Cash4gold biatches!

Do we have to pay the H1Bs in gold now. Crap, I'm all out this week.

RON PAUL!

Well, here we go.

What if there have been Quants in Fort Knox who have been playing the Fort Knox angle for all of the gold in Fort Knox? Fort Knox (not like I'd know the answer).

Am surprised they waited this long to make the purchase.

Buying at the top of the market.

Someone sell them Pebble Beach, please.

Wait until gold futures go into the toilet. This has all the makings of another bubble. Gold is a store of value, but has little intrinsic use, except as a store of value, and to create pretty baubles. Hoarding gold is based on fear. Fear will eventually disappear.

Hopefully, the US economy is robust enough to grow, and US voters take more responsibility for electing competent officials. Crap, we're screwed.

So did they get the gold for market value? Gold is at an all time high. I'm not saying the dollar is going to improve much soon, or that gold will tank soon, but shouldn't they thought of this earlier?

Dr. Frisbee: So did they get the gold for market value? Gold is at an all time high. I'm not saying the dollar is going to improve much soon, or that gold will tank soon, but shouldn't they thought of this earlier?

central banks make long term conservative investments.. over a long enough amount of time gold grows in value. hold it till the next crisis when things like gold spike and you'll make a killing

so..... why does this really matter?
someone other than india now has 6.7billion dollars worth of US cash

so?

they are betting that gold will continue to go up in price against the dollar....

anyone else think that it is time to short gold ??

EviLincoln: Well, here we go.

Came here to say this.

/this

namatad: so..... why does this really matter?
someone other than india now has 6.7billion dollars worth of US cash

so?

they are betting that gold will continue to go up in price against the dollar....

anyone else think that it is time to short gold ??

Actually, I told my dad and uncle they should buy gold...but that was when it was just under $900/oz. No, they didn't listen to me. Just like the guy I used to work for when I told him to buy oil when it jumped to $44/bbl. He laughed in my face.

Dumbasses.

So India's government is run by Alex Jones fearmongers?

If there is quite a bit of USD lying around then the value slumps

When gold bubble bursts, everyone will want USD.

When did 6.7 Billion USD become a lot of money on the international market?

I hear 6.7 billion is a non-trivial amount of India's US debt portfolio. O wait...

I have hope that the US dollar will change.

The Federal Reserve should go to Fort Knox and just make more gold.

US$19.5 billion to fight pneumonia in India, China
2009/11/03
http://www.nst.com.my/Current_News/NST/articles/20091103091853/Article/index_h tm l (pops)


UNITED NATIONS: Some US$19.5 billion from the US$39 billion will be used as the United Nation's global plan to fight pneumonia among children in India and China, the Press Trust of India (PTI) said.

The United Nations Children's Fund (UNICEF) Executive Director Ann M Veneman said the US$39 billion cost include that of intervention programmes for breastfeeding, vaccinations and treatment in 68 high child-mortality countries.
The programme, launched by the World Health Organisation and UNICEF on Monday on the occasion of the first World Pneumonia Day, aims to save more than 5 million children from dying of the disease by 2015.


// Yay India, keep fumbling down that road of success.
// Rollicking disjointed moronic stumbling down in the most idiotic manner possible to the road to success.
// Because deliberately refusing to act like civilized intelligent human beings is apparently TOO DAMNED MUCH TO ASK!

Umm... Indians hoarding gold is nothing new.

We've had everything from tulip manias to sh*tty mortgage manias.

So maniacs, why not at this time, a gold mania?