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Precious Metals & Values
November 3, 2009

Will central banks become increasingly inclined to invest reserves in gold rather than dollars?

Price Value

'Gold Climbs to Record as India's Central Bank Buys From IMF

Gold jumped to a record after India's central bank bought 200 metric tons of the metal from the International Monetary Fund, heightening speculation about more official purchases.

Gold futures for December delivery rose to a record $1,077.30 an ounce on the Comex division of the New York Mercantile Exchange. The previous record was $1,072 an ounce, set on Oct. 14.

The $6.7 billion sale to the Reserve Bank of India is 'the biggest single central-bank purchase that we know about for at least 30 years in such a short period,' said Timothy Green, author of 'The Ages of Gold.'  'The only comparable event was the U.S.'s steady purchases in the 1930s and 1940s.' ''

*This information is solely an excerpt of a third-party publication and is incomplete. Please subscribe to the referenced publication for the full article. This is not an offer to buy or sell precious metals. Investors should obtain advice based on their own individual circumstances and understand the risk before making any investment decision.

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