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IMF selling 6.7 billion dollars worth of gold - why?
Submitted by Rakafanten on Mon, 11/02/2009 - 19:27
Anybody have a clue why the IMF is selling off its gold reserves? "IMF earns 6.7 billion dollars in sale of gold reserves to India" http://www.monstersandcritics.com/news/southasia/news/articl... » |
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Somebody Offered a Good Price?
Why does anyone sell anything?
IMissLiberty
IMissLiberty
India Increasing Gold Backing for its Currency
We are moving into a period when gold will be increasingly seen as necessary as the backing for currency.
Recently the IMF has been threatening to sell upwards of 400 tons of gold, and the market has been moving sideways, expecting the sale to restrain further upward movement for some time. Now today it is revealed that India already bought half the amount, 200 tons, LAST MONTH. For all we know, other eastern nations are buying the rest. My suspicion is that they are getting rid of a few US Dollars obtained in international trade and buying the gold, before the dollar slides further.
And that is the reason why Prechter is wrong, in my opinion. We are entering an age when gold will again be money, or at least when it will be used as the backing for currency. Under that model, the sky is the limit in terms of the price of gold and silver.
Because if they do not sell
Because if they do not sell those huge amounts of gold then the buyers, whether they be from India, China or other countries, will seek to buy it elsewhere on the open market.
Contracting the sales, rather than having the purchases be market based (highest bidder) prevents the price of gold from increasing as much due to the increased demand.
In my opinion, of course.
...
to prop up the dollar.
I believe they know that the IMF and WORLD BANK are going to be dissolved after the people retake America.
Therefore, float the Gold and allow it to be bought up... by them... in private.
Another attempt at hoarding the gold. Just make sure you get as much as you can before it disappears.
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Where Did the IMF Get That Gold?
Most Americans don't seem to realize that the gold in Fort Knox does not belong to "the government", it belongs to the American people. It was stolen in 1933 by criminals posing as public servants.
In our system, according to the Constitution, government's job is to COIN money and regulate its value. The theft of the people's gold in 1933 is probably similar to what has happened around the world as politicians removed the wealth from the people in their respective nations. Not only did they get their hands on the real money (dollars, franks, marks, lira & c), by forcing non-redeemable paper on their subjects, they were able to swindle them year after year through inflation.
The wealth stealing and destuction process continues
Having reduced the peoples wealth to fill missile silos with nuclear weapons, to build a bloated and wasteful military, to give their friends bailouts and special privileges, the process continues.
Cash for Clunkers is the latest wealth destroying scheme. Working cars were destroyed. Is it reasonable to destroy wealth and assets since they were called "clunkers"
Without the government gift would you have gone out to your garage and destroyed a working automobile to be sold as scrap for $300. On the open market that car might have fetched $1000 or more. A good working engine itself is worth over $500 dollars.
Destroying these assets has distorted the market for used car parts. Part prices for older models have gone up, making it more expensive for the middle class to repair the family car.
Prices for used cars have gone up and there is a shortage of money due to widespread unemployment. The potential buyer is hit with a double whammy.
If it is stupid for one man to do something it is insane for government to to it.
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Can someone tell me?
Where the IMF got so much gold??
How the IMF was formed.
*
Short answer to question:
From all the countries in the world that joined the IMF.
Long answer.
About the time WW II ended the banking elite decided a world wide banking system under no single countries control { Although the USA does have more voting power than other countries } would govern world banking, along with the already established BIS. { Bank for International Settlements located in Switzerland }
Each country that joined was required to contribute physical Gold to make the IMF's money { SDR's-Special Drawing Rights } valuable, since the world recognized Gold priced at U.S. $35.00 per ounce, as official international money, at that time.
As countries joined, central banks were set up in those countries that issued their own brand of local currency.
The old system collapsed in 1971 when the free market price of Gold hit about $40.00 in Europe, while the U.S. was forced to redeem Gold at $35.00 per ounce.
Ron Paul correctly saw this as an economic disaster in the future, and decided to get into politics to prevent the coming disaster.
It has taken him over 35 years to wake up and educate the general American population on monetary issues.
Thanks for the question.
Ron Paul is my President !
beesting
Just to point out
They sold at roughly a 9.5% discount on spot. Tell me that's not trying to tamper with the market value.
Sold! to India for $6.7B
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aAkoE...
Finally, after nine years of talk, the IMF lets go of some gold. To all who said that the IMF sales would drive down the price of gold:
"The average price in the sales to India was about $1,045 an ounce, an IMF official said on a conference call with reporters."
And China waits for their turn:
"China, the world’s biggest gold producer, has increased reserves of the metal by 76 percent to 1,054 tons since 2003 and has the fifth-biggest holdings by country, Hu Xiaolian, head of the State Administration of Foreign Exchange, said in April.
The nation may purchase some of the 403.3 tons of gold being offered by the IMF, Market News International reported in September, citing two unidentified government officials."
Maybe they want people to
Maybe they want people to think the dollar is safe. They sell gold, dollar goes up on speculation, they bet against the dollar and profit on the way down.
Yes !
*
The IMF, is doing business in U.S. dollars. They think that if they make it public knowledge that they sold a large amount of Gold it will start a Gold selling panic and depress Gold's price in dollars.
This same tactic was tried before in the late 1970's, it didn't work then and it's not working now:
http://www.kitco.com/charts/livegold.html
beesting
A better question is...
Why has the IMF been advertising and threatening this for 6 months now?
Common Sense.
The IMF is perpetuating the Big Lie.
Everything is OK.
There is no need to worry.
The Economy is doing fine.
THEY ARE PLAYING THE MARKET TO KEEP THE PRICE OF GOLD ARTIFICIALLY LOW.
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https://www.youtube.com/watch?v=khDgz0rODZU&feature=g-upl
This is what it is. The IMF needs paper money.
Gold is at a near all time high, so now is a good time to liquidate some gold for paper. They are cash poor, since we are still in deflation.
However, the price of gold is not going down and in fact is close to another record.
Metal Bid Ask
Gold $1,063.60 $1,064.60 up $9.60
Silver $16.59 $16.64 up $0.18
Platinum $1,338.00 $1,348.00 up $8.90
Palladium $323.50 $328.50 up $1.10
Updated:11/2/2009 7:00:53 PM CST
That is really weird.
The only thing that comes to my mind is I think money will be digits and gold will not be used.
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