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You might think that Warren Buffett's $34 billion bid for the rest of Burlington Northern Santa Fe ( BNI - news -people ) is the most eye-catching investment decision of the day. While the Oracle of Omaha's bullish bet on America is hardly insignificant, I would like to direct your attention half a world away and ostensibly in a different investment medium: spot gold.
India's central bank bulked up that nation's gold reserves by 55% with the purchase of $6.7 billion worth of gold from the International Monetary Fund, which is selling gold reserves to raise funds for lending to poor nations. The move is already profitable, as the Indians bought their gold at prices averaging around $1,000 an ounce. Gold closed at a record $1,085 an ounce Tuesday in New York. The big buy from India follows months of huge gold accumulation by Chinese authorities, as well as hedge fund operators like John Paulson and others amid growing anxiety about the viability of the dollar as the world's reserve currency.
Buffett And India See A Dim Dollar Future
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