Gold hits record high on India purchaseHow's that stimulus workin' out for us, again? (On the other hand, gold mining should pick up, so perhaps my company can get some lucrative work!)
Gold prices on Tuesday surged to an all-time high after 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.
Read the whole (short) thing.
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