Friday, September 18, 2009
IMF Selling One Eighth Of Its Gold Reserves - 403 Metric Tons of Gold
The IMF has just announced:
“I am delighted that the Executive Board has given its overwhelming backing to a strictly limited sale of Fund gold to put the financing of the IMF on a sound long-term footing, and enable us to step up much-needed concessional lending to the poorest countries,” Managing Director Mr. Dominique Strauss-Kahn stated. “These sales will be conducted in a responsible and transparent manner that avoids disruption of the gold market. Most importantly, the sales are strictly limited to 403.3 metric tons, which is one-eighth of the Fund’s total holdings, so the IMF will continue to hold a relatively large amount of its assets in gold.”
5 comments:
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So they are looking to bailout Iceland, Ireland, Spain, Italy, etc.... Is this important?
ReplyDeleteSelling?? Hahahahaha!!
ReplyDeleteHavnt you heard that China, Dubai, Hong Kong, Germany, Switzerland, Saudi and others want their gold out of American and British vaults post haste??
America has sold far more paper gold than there is gold. So has London.
Enough will be "sold" in reality given to make up for crucial shorts to crucial players before the COMEX market implodes and evaporates.
http://www.thetrumpet.com/index.php?q=6546.5026.0.0
The main players will get their gold, then the COMEX crashes into oblivion leaving everyone else holding empty paper promises.
Just a minor play in the main plot..
But they have to tell you something, or so it seems..
No. They are looking to free up some Gold they do not own to give it to people who also do not own gold, just futures positions, to get those who have those positions out of harms way.
ReplyDeleteNo Doubt.
(has the US agreed to let them sell the Gold, maybe, maybe not)
regards
Thats it in a nutshell. Its rather hard to express as the term "own" is rather nebulous in this scenario..
ReplyDeleteThey possess the physical gold as collateral, and now they are "selling" something that they dont "own" in the first place..
As you point out "selling" to those who dont "own" it either..
Perhaps the best way to describe what is reality here is to say the IMF is distributing its gold to those whom it sees fit to possess the gold??
To say it in metaphor, possession is 9/10ths of the law, and might makes it right..
Does this sound better to you?? It describes reality in perhaps a more meaningful way??
smoke and mirrors. 1. imf has 'threatened' to sell 403 t of gold several times at least since feb 08. 2. they need member approval to do it. 3. questions arise as to if that 403 exists and who actually owns it.
ReplyDelete