Thanks Barack. India’s central bank bought 200 tons of gold yesterday after the finance minister warned the economies of the US and Europe had collapsed.
The Financial Times reported:
Gold prices continued to rise on Wednesday extending the all-time highs which followed India’s central bank bought 200 tonnes of the precious metal, swapping dollars for bullion as the country’s finance minister warned the economies of the US and Europe had “collapsed”.
India’s decision to exchange $6.7bn for gold equivalent to 8 per cent of world annual mine production sent the strongest signal yet that Asian countries were moving away from the US currency.
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.
Pranab Mukherjee, India’s finance minister, said the acquisition reflected the power of an economy that laid claim to the fifth-largest global foreign reserves: “We have money to buy gold. We have enough foreign exchange reserves.”
November 4th, 2009 | 8:22 am | #1
Dollar Weakens Following Collapse of Obama Merchandise Market http://optoons.blogspot.com/2009/10/dollar-weakens-following-collapse-of.html
November 4th, 2009 | 8:42 am | #2
Obama is either doing on purpose, or he’s the stupidest person alive, and everyone around him is slightly less stupid than him.
Worst. President. Ever.
November 4th, 2009 | 8:51 am | #3
Of course it is done on purpose, even George Soros was bragging how much he made during the market crisis…..which a week later when that news came out…Hungary fined him Millions for wrecking their economy.
While we have never fined him or investigated him…he supports Obama and all the far left organizations.
Even Henry Kissinger said after Obama was elected, that he believed he finally had Obama’s ear, about a one world political system, one world financial system and one world tax system!
Questions is, how do we stop Obama from killing our dollar and our land of opportunity?
November 4th, 2009 | 8:58 am | #4
America is so over. India must look out for itself. The dollar’s real worth is negative. Unions destroyed the big steel industries in the 1960s. Unions destroyed GM and Chrysler. This administration is destroying the banking industry (pay czar, etc.), Silicon Valley (net neutrality, etc.). America’s armed forces are forced to fight in varying politically correct ways with one arm tied and both legs hobbled. The legal system is corrupt as is the congress and the administration. Go India, go China, go Saudi Arabia. The West shot itself dead in the 1960s and is now existing is a twilight world.
November 4th, 2009 | 9:01 am | #5
I was thinking of this last night while listening to a PBS news report on W. Buffet buying a train co. and the business reporters commenting on how the economy is looking up.
Seems like there’s a mental picture of a train headed for an unseen collision.
November 4th, 2009 | 11:19 am | #6
Fox announced that BO has closed Yucca Mountain. $13 billion plus down the drain. Plus financial liability of upwards of $21 billion for the government failure to honor existing contracts.
Nowhere for existing plants to store spent rods. May not be reissued their operating licences.
Better stock up on candles!
November 4th, 2009 | 12:53 pm | #7
Do you think India is watching BO selling our country out from under us with deals like this? Obviously they can see what’s coming down the pike.
Union Payback: Union-owned GM spent $6.5B on Delphi union pensions
http://theblogprof.blogspot.com/2009/11/union-payback-union-owned-gm-spent-65b.html
November 4th, 2009 | 3:46 pm | #8
[...] This post was mentioned on Twitter by tennismom and CONSERVATIVE 4 LIFE, Loud Majority. Loud Majority said: Gold Prices Hit Record High As India Moves Away From Dollar & Warns of Collapse of US Economy http://bit.ly/21iW4 [...]
November 4th, 2009 | 3:48 pm | #9
If we (meaning the US Treasury) were truly clever, we’d be doing the same (exchanging dollars for gold). That way we’d have some wealth left after the dollar goes to s***. Maybe our fearless leaders have their own private stashes of gold.
November 4th, 2009 | 3:53 pm | #10
[...] This post was mentioned on Twitter by Scott Groves, Paul Alyunov. Paul Alyunov said: Gold Prices Hit Record High As India Moves Away From Dollar & Warns of Collapse of US Economy: Thanks Bara.. http://bit.ly/2sBYfG [...]
November 4th, 2009 | 6:33 pm | #11
[...] tip to Gateway Pundit, with a link to the Financial Times. Pranab Mukherjee, India’s finance minister, said the [...]
November 4th, 2009 | 6:46 pm | #12
“Although India is the world’s biggest consumer of gold, primarily in the form of jewellery and investment among its billion-plus people, its central bank had given few signs of seeking to diversify its reserves pool into bullion.
The proportion of gold as part of its total foreign reserves has fallen from over 20% in 1994 to just under 4%.”
http://www.businessday.co.za/articles/Content.aspx?id=85875
November 5th, 2009 | 7:01 am | #13
[...] India Moving Off The Dollar November 5, 2009 Posted by taoist in Capitalism and Economics. Tags: India, The Dollar, The Economy trackback Can’t say that I blame them for not trusting the U.S. to keep it stable.. [...]
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