Extraordinary developments with India paying $6.7 billion for IMF gold, giving its bank the about the tenth largest gold holdings of all the central banks. At the moment, gold now makes up about 6% of India's foreign exchange reserves. You can bet that will grow substantially. The deal has sent gold to an all time high.

Commentators say this confirms that Asian currencies are now moving away from the US dollar. H3 Global Advisors’ Mat Kaleel warns that the end for the dollar is nigh. "This purchase is a clear sign from India, which is going to become the world’s third largest economy at some point, that it does not trust the US dollar anymore,'' Kaleel says. "This is not a cyclical thing, but rather a significant change in the structural nature of the US dollar, which is losing its reserve status."

Just another chapter in the demise of the greenback.