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Bank of England policymakers must agree to top up the 175 billion asset purchase programme when it meets on Thursday to stop the economy "dropping off a cliff," former Monetary Policy Committee member David Blanchflower said.
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Much has been written in the last two days about the surprising purchase by the RBI (Reserve Bank of India) of some 200 tonnes of gold bullion, valued at about $6.7 billion, from the IMF (International Monetary Fund). Is this really a significant event?
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I think perhaps it is significant in only the fact that India is buying gold rather than treasuries. This either marks a basis/foundation for a new trend or marks the top of the gold craze.
What do you think?
Goatmug
I have been a huge fan of gold for many years now, so I am VERY biased to conclude India has put a near-term floor under gold around $1000. I think the author’s intimation is correct that other central banks/treasuries got just a little more nervous about all the paper filling their vaults, especially if that paper was printed in the U.S..