a rumor had circulated that india had paid for its imf gold purchase with silver, but jim willie says that is not the case:

One week ago, gold offered a nice little discount that is no more. One must wonder if anyone inside the Untied States took advantage. My guess is more American sellers were ferreted out of the bushes, while Chinese buyers in legion showed up. One week ago, silver offered a sizeable discount that is no more. A story within the IMF India story can be told. Rumor was ripe that the Indian central bank paid for the 200 tonnes of gold offered supposedly by the IMF, not in cash, but in silver bullion. Rumor attached the question of whether India, with its huge silver reserve, had curried favor with the Boyz in New York and London. My best source of information reports that India paid not in silver at all. Little wonder that silver recovered a full 100 cents in just two days time. The opportunities to buy gold under 1100 are fast vanishing. The opportunities to buy silver under 18 are fast vanishing. The available prices paid will still look very cheap a year from now.

http://news.goldseek.com/GoldenJackass/1257555600.php