Question
Download Solution PDFBelow a statement has been given followed by a few conclusions. Consider the statement to be completely true and answer which of the given conclusions can be derived based on the statement.
Statement: The Bank of America is move to auction 25 metric tons of gold drew plenty of bidders looking for a bargain, but was criticised by major gold producers worldwide.
Conclusions:
I. The Bank of America should not auction gold which it possesses to keep steady international prices of gold.
Il. Bidders should quote higher gold prices to retain present value of gold in the international markets.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven,
Statement:
The Bank of America’s move to auction 25 metric tons of gold drew plenty of bidders looking for a bargain, but was criticised by major gold producers worldwide.
Conclusions:
I. The Bank of America should not auction gold which it possesses to keep steady international prices of gold - False (Because the statement only mentions criticism, it does not suggest that auctioning should be stopped altogether or relate directly to maintaining international gold prices).
II. Bidders should quote higher gold prices to retain present value of gold in the international markets - False (Because the statement only indicates bidders were seeking a bargain; it does not imply that they should quote higher prices).
So, Neither conclusion I nor conclusion II follows.
Hence, the correct answer is "Option 4".
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