India's central bank recently purchased 200 tons of gold from the IMF. Experts believe this is one of the largest purchases by a central bank in the past 30 years. Bloomberg reports this increased demand from large countries is helping to drive recent record gold prices.
According to the Wall Street Journal, central banks appear to be seeking ways to diversify reserves away from the dollar and there is speculation that China and Russia may also be interested in buying gold from the IMF. Janet Kong of Goldman Sachs noted that central banks have become net buyers of gold. "Gold's investor base is broadening, which is positive for gold", Ms. Kong said. (11/03/03, WSJ.com, "India Buys 200 Tons of IMF's Gold Allotment"). According to industry experts like Leonard Kaplan, president of Prospector Asset Management, India's purchase "Will encourage other countries and other investors . . . to jump into the market". (11/03/09, Bloomberg, "Gold Climbs to Record as India's Central Bank Buys IMF Bullion").
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