$197 billion in paper promises vs $12.8 billion in gold.Submitted by Captain Beyond on Mon, 09/21/2009 - 12:38
Why should 400mt of Gold sales to Central Banks over the course of the next year cause the gold price to go down, when US Govt. sells $200 billion in Bond and Bills (paper promises) in one week? Supposedly the sales of gold by the IMF are supposed to be used for financing for poor countries, oh that’s really going to help the global economy! Wake up people the strangle hold by “the Devils that be” on the financial reporting media “the lap dogs” of “the Devils that be” are trying to fool you again as to why gold is going down. If it goes down and, I don’t think they can take it down again, silver will go down with it and there will be another buying opportunity.
Sept. 17, 2009, 4:20 p.m. EDT
Treasury to sell $112 billion in notes next week
NEW YORK (MarketWatch) -- The Treasury Department said Thursday it will issue $112 billion in notes next week. A record $43 billion in 2-year notes /quotes/comstock/31*!ust2yr (UST2YR 0.99, +0.01, +1.23%) will be sold on Tuesday, followed by $40 billion in 5-year debt /quotes/comstock/31*!ust5yr (UST5YR 2.42, -0.02, -0.70%) on Wednesday. The final offering will be $49 billion in 7-year notes on Thursday. The amounts are each $1 billion more than last month -- the most ever for each security -- and in line with estimates of some of Wall Street's biggest bond dealers…
The government will also sell $85 billion in shorter-term bills…
$112 billion (in 2,5,and 7 yr notes) + $85 billion (in 1 year and shorter bills) = $197 billion in paper promises.
So there you go the US Government is going to sell $200 billion in paper promises in one week to add it to the taxpayers tab, and then let the IMF (approved by the US Congress) sell 400mt of gold over the year to help finance poor countries and expect that to bring the gold price down for how long; I expect it will hold the gold price down for about 5 min in the overnight session. Good luck Gold Kabaal!