Gold to Record High

The foreign exchange market is set for a shift …. the IMF is preparing to sell off around 400 tonnes of its gold reserves in a bid to boost the market and aid developing nations.  India’s central bank has already announced that it will buy around 200 tonnes for a cool $6.7 billion.

The news has caused the price of an ounce of gold to reach record highs at $1.092.60 an ounce.  It is widely expected that the price could reach $1,100 in the coming months.

China is the country tipped to be the purchaser of the remaining 200 or so tonnes from the IMF – it already holds some the world’s largest gold reserves at 1,054 tonnes worth around $40 billion.

The UK holds just 310 tonnes after around a half of the total reserves were sold off in the 1990s – when the price of an ounce was around a quarter of today’s price.

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