G20 supports IMF's plan to sell 403 tons of gold

G20 supports IMF

&dist=msr_1]www.marketwat ch.com

NEW YORK (MarketWatch) - Leaders from the Group of 20 nations Thursday endorsed the International Monetary Fund's plan to sell 403 tons of gold to raise funds to support the world's poorest countries

The IMF, which holds more than 3,200 tons of gold, is the third-largest holder in the world after the U.S. and Germany.

Most of the IMF's gold holdings come from the fund's member countries, which are required to commit 25% of their quota in gold. The fund can't sell those holdings into the m

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[edit on 2-4-2009 by ModernAcademia]

This is in my opionion just plain insanity
if Gold crashes, as it's value will skyrocket after this, the confidence on any FIAT currency will crumble to it's knees if not toes.

This won't be a 15 year depression, it might be something even worse.

And controlling a world of poor people is much easier to control than a world of well to do people. It's way easier to enslave the needy.

Needy people will do anything for food

&dist=msr_1]www.marketwat ch.com
(visit the link for the full news article)

exactly, the more people need, the less power they have, and the more power they have to give to the powers that control to "bail" them out..

these bastards are going at full speed aren't they..



[edit on 2-4-2009 by Darth_Prime]

I'm not too hot on my understanding of the working of the currency markets, but would the proposed gold sales have anything to do with the Chinese threat to switch holdings from US T-bills to gold?

Here's a thread from the end of Jan predicting something similar...are the two related?

China considering dropping US treasuries and buying gold




[edit on 2-4-2009 by citizen smith]

Who is supposed to buy the gold ? This stinks to high heaven

First question is "Sell it to whom?"

If by sell, they mean make it available for purchase on Comex, wouldn't that cause the price of gold to drop?

I agree with the other posters before me. Other than the CFR and IMF, who has the actual money on there balance sheets to actually purchase the gold? Yet again another way of postponing the inevitable. The only ones that will come ahead on this is the PTB. God! This sickens me.

What a bunch of pranksters these guys are. Happy April fools day.

The world mined 267 tons last year, so this represents about 1.5 years of gold production. You guys buying gold to stash away will be getting some very good prices over the next year or two. Hopefully there will still be some suckers left to buy it from you. Sell your gold now. What else do you need to know?

Actually the value of gold will actually go DOWN and not UP. If they flood the market with gold youll see it back down to $300 in no time. Frankly if that does happen Ima go on a shopping spree.

reply to post by ModernAcademia


great stuff, I just dropped the info nugget on www.infowars.com infowarrior show.... competing with patrice isnt easy though!

Originally posted by disgustedbyhumanity
The world mined 267 tons last year, so this represents about 1.5 years of gold production.

2008 World Gold Production = 2,356 tons

Annual Gold production has been in steady decline since peaking in 2000 - bullish from the supply side.

As signatories to the Washington Agreement , central banks "sold" 355 tons of Gold in 2008 alone. No, these annual CB sales (500 ton max) haven't "crashed" the price.

The last time the IMF "sold" Gold (approx 1,600 tons) was through a series of auctions 1976 - to - 1980. The auctions were oversubscribed (strong central bank demand) and were actually bullish for the 'market' price of Gold.

Check the Gold ramp 76 - 80: Monthly Semi-Log Gold Bar Chart

This IMF sale still needs congressional approval. If it happens , it will be conducted in accordance with the existing Central Bank Gold Agreement , and will simply shuffle Gold between the IMF vault - and - world central bank vaults [see China].

GL

I Just found this article about how they are going to sell the gold.

The IMF Executive Board has now approved those gold sales. Now the head of the IMF, Dominique Strauss-Kahn, has said "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 tonnes, 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."

Prior to selling this gold on the open market, the IMF is prepared to sell the gold directly to central banks or other official sector holders. These sales to official sector holders will be conducted at market prices and would shift official gold holdings without changing total official gold holdings.

goldnews.bullionvault.com...

That's how they are doing it - rigging the gold & world markets!

A couple of years ago IMF asked the members to sell them gold from their vaults, stupid ignorant sheeple reporters at the economy newspapers wrote it was insane for the countries to do so since the price was low and asked why countries would sell their gold at low price and make the gold price plummet.

But this is how Rothschild & C.o are manipulating and riggin the 'House of Cards' artificial world economy together with derivatives like Credit default swaps and Interest rates swaps between countries!

They move artificial numbers around from one place in the world to another place to manipulate the markets in their favor.

Now the same countries that sold their gold a couple of years ago can now buy it back at a higher price, and at the same time help to plummet the high gold prices and make it easier for the IMF loaning artificial SDR credits to poorer countries that needs help for the moment because of the economical downturn in the world economy.

The IMF then transfer these artificial numbers to the World Bank who then lends these poorer countries "money" which they often can't pay back. so when the economic hit-mens want to cash in the loan which the poorer countries often can't pay, they take that country's natural resources as collateral or depending of which country it is, as full payment for the loan from the World Bank!

As compensation for buying back a part of their own gold at the higher price then what they sold it for, the richer member countries that sold the gold gets artificial SDR credits from the IMF that they can use to pay their country's public debt and other infrastructure investments and loans with.

Or something like that!


[edit on 28-9-2009 by Chevalerous]

the chinese have pretty much said they'd have the whole lot... and there's been no specific audit to say that the IMF actually has the gold in the first place... chances are highly likely it's double counted... i wouldn't be holding my breath for a slump in gold and if you sell on the back of this, you are a muppet who's about to become a much poorer muppet

Hmmm.

I only have one thing to say.

So many signs of collapse.

Time to start reading up on the survival threads.

Sorry PaperBugs.

As predicted....

Originally posted by OBE1
This IMF sale still needs congressional approval. If it happens , it will be conducted in accordance with the existing Central Bank Gold Agreement , and will simply shuffle Gold between the IMF vault - and - world central bank vaults [see China].

....India's central bank just scooped-up half (200 tonnes) of the approved IMF sale , my guess is China for the balance...but possibly Russia , Brazil , or any number of Middle Eastern CB's.

With central banks becoming net buyers/hoarders...the remaining 200.3 tonnes of IMF Gold will never see the open market either.

IMF sells 200 tonnes of gold to India

The International Monetary Fund announced Monday the sale of 200 tonnes of gold worth 6.7 billion dollars to India's central bank to shore up IMF finances.

The sale to India was nearly half the amount that the Fund has targeted for sale over the coming years.

Full Text

Way to keep up on the story.

For any who might wonder.... the proverbial "they" have ALWAYS done things this way. Their priming the pump.... of course, we should not be expected to benefit from it.

Originally posted by Maxmars
Their priming the pump.... of course, we should not be expected to benefit from it.

Hi Maxmars. I also believe they're priming the pump , primarily , accumulating Gold for the reason all central banks continue to hold Official Gold reserves; Protection...ability to mitigate the repercussions of a major currency event , ie..to be used for the settlement of international trade should the floating exchange rate and government bond-backed currency system implode...no secret the world's reserve currency is under a bit of stress. Ya see , after 2000yrs , Gold , the "barbarous relic" , still inspires trust , yes , even between sovereigns....

....priming also in preparation for the remonetization of Gold. I believe Gold will return to anchor the monetary system in some manner , shape , way, or form (there exists several possibilities aside from the outdated Gold Standard) , and that Gold will continue to trade within a narrow band of it's price when the remonetization occurs.

Another way of looking at this is whether a person is invested in Gold , or not , ultimately we can all expect to benefit from a more stable currency.

My only question with respect to this IMF sale: Do you think India was forced to accept GLD shares in lieu physical