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Mauritius Buys 2 Ton of IMF Gold

Mauritius Buys IMF Gold, Follows India as Metal Soars (Update4)
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By Sandrine Rastello and Kim Kyoungwha

Nov. 17 (Bloomberg) -- Mauritius bought 2 metric tons of gold from the International Monetary Fund, underscoring a drive by central banks to boost holdings as the precious metal trades near a record and the dollar slumps.

The $71.7 million sale to the Bank of Mauritius was based on market prices on Nov. 11, the IMF said in an e-mailed statement yesterday. The Reserve Bank of India paid $6.7 billion for 200 tons from the IMF, according to a Nov. 2 statement.

Gold has surged this year as the U.S. currency declines and investors seek to protect their wealth. Emerging-market nations, which have amassed stockpiles of foreign-currency reserves since the 1998 financial crisis, have shown increased interest in diversifying out of U.S. assets.

“Investors at different levels feel more comfortable” with some gold in their portfolio, said Albert Cheng, Far East managing director at the World Gold Council.

The purchase more than doubles the amount of gold held by the Mauritian central bank to 5.69 percent of its total foreign exchange reserves, from 2.34 percent at the end of October, the bank said in an e-mailed statement today. The acquisition partially reverses a decline from the 13 percent of reserves that gold accounted for on Dec. 31, 1979.

‘Ultimate Currency’

Gold for immediate delivery is headed for a ninth annual gain and touched an all-time high of $1,143.60 an ounce yesterday. The metal, which traded at $1,134.32 at 9:46 a.m. in London, is the “ultimate currency,” Gijsbert Groenewegen, a partner at Gold Arrow Capital Management in New York, said yesterday.

The Mauritian purchase is “another signal that emerging- market central banks are looking to increase their foreign- exchange allocation in gold,” Shane Oliver, head of investment strategy at AMP Capital Investors Ltd., said from Sydney.

The Dollar Index, a six-currency gauge of the dollar’s value, was little changed today near a 15-month low. The Federal Reserve has cut borrowing costs to an all-time low while the U.S. government boosted spending to combat recession in the world’s top economy, fueling speculation the currency will be debased.

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British Bankers and Elite must live there

Mauritius looks like a great place to go when it really hits the fan.

http://en.wikipedia.org/wiki/Mauritius

good link

neat stuff thanks

Something is going on behind

Something is going on behind the curtain... when the dollar strengthens like it has today by about .50, gold should be down atleast 20.00. gold is even and silver is too.. I honestly think something economic is going on that we do not know about... The governments know but we simpletons do not.

A prudent man foresees the difficulties ahead and prepares for them; the simpleton goes blindly on and suffers the consequences. Proverbs 22:3
Matthew 10:34 Think not that I am come to
send peace on earth: I came not to send peace,
but a sword.

A prudent man foresees the difficulties ahead and prepares for them; the simpleton goes blindly on and suffers the consequences. Proverbs 22:3
Matthew 10:34 Think not that I am come to
send peace on earth: I came not to send peace,
but a sword.

Coalition of the willing (no more?)

I believe Mauritius was a member of Shrub's esteemed "Coalition of the willing." Maybe they've woken up and decided they'd rather keep a reserve of gold than accept a fist full of greenbacks from Uncle Sam.

Even this small (and

Even this small (and beautiful =) ) island is buying gold...

That works out to $1115.06

That works out to $1115.06 per troy ounce.

Ĵīɣȩ Ɖåđşŏń

"Fully half the quotations found on the internet are either mis-attributed, or outright fabrications." - Abraham Lincoln

Lol

Hope they like their tungsten! Hahahaha!

You would think that they would have...

insisted that the merchandise be assayed and determined authentic before payment is released. Of course one can wonder who holds sway over the assay offices and officers.

Assert Your Authority

Assert Your Authority

JK

Just kidding. I wish them well.

Me too...

I wish I could just up and invest in 2 metric tons of gold!

Assert Your Authority

Assert Your Authority