The IMF announced the sale on 10 metric tons of gold to the Bangladesh Bank. The sales price was based on market prices as of September 7th, 2010 and announced on September 9th, 2010. This sale is only a portion of the total deal struck a year ago for a total of 403.3 tons.
India has always had a gold appetite, but characteristically, does not buy on highs. This much gold being sold to this region, at these prices is definitely something to keep an eye on.
You can read the IMF’s press release here;
IMF sells 10 tons of gold to Bangladesh
If banks around the world are stocking up on gold, shouldn’t you?