Thread: Gold nears record high on India purchase

Gold prices rose to within striking distance of their record high on Tuesday after India agreed to buy 200 tonnes of bullion from the International Monetary Fund and traders speculated that there would be further purchases by emerging economies. The sale, for about $6.7bn, accounts for half of the IMF’s expected disposal of gold and signals a growing appetite among developing countries’ central banks for bullion in the wake of the global...

Wow! Did these guys do this for real or on a demo account? Have they ever heard of the concept of liquidity? Let's worry about a depreciating USD, but not about gold prices that can move by 30% over a few days....6.7bUSD and the price of gold goes up by 4%. Now what happens if someone trades 6.7bUSD into EUR? Maybe you see a move of 20pips? Maybe the RBI of should be worried about paying off some debt instead of buying the biggest order...

I see gold at $1,200 & $1,300 by the of November & December respectively.

it`s not the news from india it`s looks like the third world war on the way...