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?

Harry_Seldon: 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.

Used in microelectronics a little bit and to seed certain kinds of nanowires, which may become important soon. Not totally devoid of industrial value. But yeah, more or less what you said.

Jim_Callahan: Harry_Seldon: 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.

Used in microelectronics a little bit and to seed certain kinds of nanowires, which may become important soon. Not totally devoid of industrial value. But yeah, more or less what you said.

i know, right? Because Fiat money has so much more industrial value. you can do origami with it, write phone numbers on it, snort, roll ect ect.

Harry_Seldon: 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.

How will it be robust enough to grow? Our government is doing everything it can to tax the shiat out of growth and innovation. It is spending so much on leftist pet projects that the paper the dollar is printed on will be worth more than the dollar itself.

/Pelosi wants the dollar to be the new penny.

It doesn't matter at what price they buy gold, India's central bank isn't in the business of speculating like some day trader. They are buying gold because they see it as a good store of value, as opposed to that increasingly useless green turd known as the USD.

get it now?

so is this the

CHANGE you can believe in?

I doubt Gold is in a bubble. Gold has had some pretty good support, even during the pullback, it really didn't decline significantly. Gold will have it's pullbacks, but the world economies are due for a shakeup. Things will not be the same.

Disclosure note, I am heavily invested in Gold, not just as an investment, it's my business, so I am a little biased.

That is a whole lot of gold teeth.

Nemo's Brother: Wharrgarbl.

Snore......

That's a LOT of Goldschlager.

GAT_00: So India's government is run by Alex Jones fearmongers?

Or those guys who advertise on all the Christian radio/tv channels?

Ok... there is a positive in this somehow.

People are switching to gold because of the dollar's weakening. Oil was going up because of the dollar's strengthening. If the dollar starts to go back down in value again because of this, we should see the same thing happen to oil prices.

So, cheaper gas. At least we've got that going for us.

/If you have to eat/drink it, try seasoning it.

Screw Euros and Ameros I suggest the new one world currency be Gold.

Third Day Mark: Ok... there is a positive in this somehow.

People are switching to gold because of the dollar's weakening. Oil was going up because of the dollar's strengthening. If the dollar starts to go back down in value again because of this, we should see the same thing happen to oil prices.

So, cheaper gas. At least we've got that going for us.

/If you have to eat/drink it, try seasoning it.

Backwards, man. Oil is currently priced in dollars on the world commodities markets. As the dollar strengthens (or weakens), it takes fewer (or more) dollars to match the intrinsic value given to a barrel of oil. Oil's recent climb above $80 is due to the sudden weakening of the dollar.

It *is* shiny

bhcompy: 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

Intelligent_Donkey: Umm... Indians hoarding gold is nothing new.

So very very true. My wife is Indian and her grandparents and distant relatives have been hoarding gold for ages, tons of gold jewelry, etc. It's a very subcontinental thing to do, gold and gems. Of course, buying gold jewelry as an investment is silly because you are also paying for the cost of labour, even if you haggle.

Actually the dollar should go up in value over this next year as your dollars become more valuable since debt keeps imploding.

So far $637 billion in debt has evaporated since the peak in October of 2008. That represents 1.87% of the $34 trillion in total debt that will have to be deleveraged to reduce debt/GDP to post-Great Depression levels.

Owning gold is a good bet against massive deflation or inflation, but not very good if things stay about the same or slowly change.

It is yet to be seen if the Fed and government can stave off any more deflation. They can handle rapid inflation, but rapid deflation means game over.

The flip-side to this story is that IMF took $6.8B in USD in exchange for the gold they dumped on India. The headline could be written as "IMF dumps $6.8B of gold in exchange for dollars" and it would have a different perception.

Even if IMF then exchanged the dollars for other investments, somebody is still holding those dollars, they didn't just go away.

The dollar losing value will result in more jobs being retained and exports increasing.

/Heavens.

Harry_Seldon: Wait until gold futures go into the toilet. This has all the makings of another bubble.

When you start buying, that's my trigger to sell.

Hey India,

its buy LOW sell HIGH. I think you guys are a little mixed up. I cant imaging that gold will go much Higher. But hey, I could be wrong.

ptelg: The dollar losing value will result in more jobs being retained and exports increasing.

/Heavens.

Yes, but it also raises the price of imports and we import an awful lot of our energy. If only we could meet our energy needs with domestic sources.

Nemo's Brother: /Pelosi wants the dollar to be the new penny.

Then we have to do away with all the paper ones and only circulate dollar coins.
I cant believe in change unless it is in coin form.

IStateTheObvious: 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.

Tell us about the calls you got wrong.

Dr. Frisbee: Gold is at an all time high

not even close , "all time high" was in 1980, it would have to double in price today to reach that peak.