Gold smashed yet another nominal price record in early November, as the Reserve Bank of India emerged as the surprise buyer of 200 tonnes of gold worth 6.7 billion US dollars from the International Monetary Fund. The 200-tonne figure translates to 6.43 million oz. gold, or about 8% of annual global mine production, and represents half of the 403.3-tonne amount the IMF signalled early in 2009 that it planned to sell. The IMF's gold hoard stood at 3,217 tonnes at the end of 2007, which ranked it third in the world behind the U.S. (8,314 tonnes) and Germany (3,417 tonnes), and ahead of France (2,603 tonnes) and Italy (2,452 tonnes).
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