News has it that India, China and Russia already satisfied their production quotas so why did India buy a whopping 200 tonnes?? Inflation and increased mining costs moving forward. It costs AUY about $350 an oz. to mine and they are by far the industries lowest cost producer. Increased production oosts and future inflation and currency devaluation made India's decision understandable. Not withstanding, the IMF is corrupt as hell along with most of the bullion banks.