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Rumors swirling China set to make giant gold purchase
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Monday, March 01, 2010
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From Commodity Online:

Will they, won’t they? That is the billion dollar question looming large over the global bullion market now with China rumoured to have sealed a deal to buy the International Monetary Fund (IMF) gold.

This move from Beijing comes after India bought 200 tonnes of IMF gold in early November 2009, which triggered a gold rally in the following months in global markets.

So, now is it China’s turn to play the bull in bullion market? It seems so. If media reports are to be believed, China has already sealed a deal with IMF to buy 191.3 tonnes of gold, which the monetary fund currently has for sale from the 403.3 tonnes put up for sale since January 2007.

Whether or not the transaction goes through, the market is...

Read full article...

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