Gold prices jumped today on news that the IMF sold India 200 metric tons of the yellow metal for about $6.7 billion, reported Bloomberg.

According to the Financial Times, "the country’s finance minister warned the economies of the US and Europe had “collapsed”."

Gold prices jumped as high as $1,077, a record, in futures trading.  The last time the IMF sold gold was in April 2000, but this gold purchase marks the largest sale of gold in 30 years.

This is the biggest news for gold in years, as it effectively sets a floor on the price of gold.  China, India and Middle Eastern sovereign wealth funds are all going to have to get in on the action and the supply of available gold is very, very limited.  Especially if you are looking to pick up 200 metric tons or so.