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View Full Version : imf ready to unload 191 tonnes of gold



golsil
02-17-2010, 06:15 PM
Who will snap it up !!

http://uk.biz.yahoo.com/17022010/323/imf-sell-191-3-tonnes-gold-market-shortly.html

GoldDude
02-17-2010, 06:26 PM
I wonder if they'll take a post-dated check?

Gold went down $10+ after the release. How quickly people forget what happened when India purchased IMF gold last time.

lightkeeper
02-17-2010, 06:50 PM
Canada, incredibly, only has 3.4 tonnes of gold in reserve. Official gold sales by Canada peaked in 1993 at 120 tonnes and the timing could not have been worse--with the exception of Brown's Bottom. The current Bank of Canada governor is a Goldman Sachs alumnus, unlikely to be in favour of restoring our hard assets, and the current Finance Minister is more concerned with stimulating the auto sector and growing our real estate bubble. It's a non-issue with the corporate mainstream media and the public is blissfully ignorant. We may be doomed to serious economic losses in the near future. Their solution will probably be to limit cash transactions and chip us all.

Lord Lister
02-17-2010, 06:57 PM
That announcement has to be politically motivated, why would you make such an announcement, surely you would just sell it into strength to get the best possible price! Manipulation at its worst!

fired
02-17-2010, 06:57 PM
With all the gold in the ground in Canada, we could just confiscate a few mines ala PRC. :D

DiggerUK
02-17-2010, 07:09 PM
So China , and others, who made a lot of noise did not buy. Did they do a poker play, and bluff that it would go to market at better prices, or are they just not interested?
If you read the IMF statement it makes it clear that they would give priority to any Central Banks who wanted to buy in order to minimise disruption to the markets.

".....While the period set aside exclusively for official sales is now over, the IMF remains ready to respond to interest in gold from official holders...."
http://www.imf.org/external/pubs/ft/survey/so/2010/NEW021710A.htm

Klondike Mike
02-17-2010, 07:12 PM
The current Bank of Canada governor is a Goldman Sachs alumnus,

True! Odd, i was just thinking of this very relationship earlier today~


Governor: Mark Carney
Apparently my cousin went to school with him. fwiw

Norburg
02-17-2010, 07:15 PM
Is this Tungsten plated gold?
I wish I had an ounce every time the IMF SAID they were going to sell.

Mryoga
02-17-2010, 07:22 PM
Is this Tungsten plated gold?
I wish I had an ounce every time the IMF SAID they were going to sell.

No one wants Tungsten. Fool me once, shame on you. Fool me twice, shame on me:eek: http://www.marketoracle.co.uk/Article14996.html

insidedealer
02-17-2010, 07:40 PM
The amount of money involved is negligible by today's standards. These announcments are more for show and symbolism. In the long-run it's not going to effect the price. In the short-run it probably won't effect the bull market up market that gold is in as fiat devalues. I would think though that for people trading gold the thought that the IMF is on the sidelines ready to enter the market and push it down $10-20 immediately would put somewhat of a damper on speculative day trading.

texarcana
02-17-2010, 07:49 PM
I think Canada is going into a nasty economic decline....Canada always lags the US...most canadians seem to think the natural resources will save the day....Canada has the biggest bloated government on the planet and the system still runs on the same thinking as all central banks based on illusionary economic theory.
the manufacturing base got exported to china here too.....no production, no survival.



Canada, incredibly, only has 3.4 tonnes of gold in reserve. Official gold sales by Canada peaked in 1993 at 120 tonnes and the timing could not have been worse--with the exception of Brown's Bottom. The current Bank of Canada governor is a Goldman Sachs alumnus, unlikely to be in favour of restoring our hard assets, and the current Finance Minister is more concerned with stimulating the auto sector and growing our real estate bubble. It's a non-issue with the corporate mainstream media and the public is blissfully ignorant. We may be doomed to serious economic losses in the near future. Their solution will probably be to limit cash transactions and chip us all.

texarcana
02-17-2010, 07:52 PM
maybe the IMF gold is Tungsten and the Chinese don't want it.
Who knows, but seems over the next 4-5 years as we get a run on physical gold.
All the dirty tricks will come to light.

Carpenter
02-17-2010, 08:06 PM
Can someone explain why a sale between central banks would affect the price of gold at all?

It's not like the gold has entered the open market.

Has it?

nofixedaddress
02-17-2010, 08:09 PM
Can someone explain why a sale between central banks would affect the price of gold at all?

It's not like the gold has entered the open market.

Has it?
This is an "on market" staged sale ... you're free to by some :)

jimmyje
02-17-2010, 08:16 PM
Pardon the language but this S#$@ is getting old. I've been in Gold (Physical) for about 6 years but these games are really getting frustrating. Works it way up for 3-4 days and once again wipes out all those gains in hours...:confused:
I'm staring to really feel like an idiot for putting the majority of my investments in a game that is unevenly tilted and manipulated.

fired
02-17-2010, 08:22 PM
Pardon the language but this S#$@ is getting old. I've been in Gold (Physical) for about 6 years but these games are really getting frustrating. Works it way up for 3-4 days and once again wipes out all those gains in hours...:confused:
I'm staring to really feel like an idiot for putting the majority of my investments in a game that is unevenly tilted and manipulated.
...and yet gold is now nearly 3x what it was 6 years ago. Short term swings are irritating but the long term game is still on.

DiggerUK
02-17-2010, 08:25 PM
...I've been in Gold (Physical) for about 6 years but....I'm staring to really feel like an idiot for putting the majority of my investments in a game that is unevenly tilted and manipulated.

After 6 years that would make you more than an idiot, if it were true.
Time to lay off the conspiracy juice methinks.
http://www.lbma.org.uk/?area=stats&page=gold/2004dailygold
How is that for manipulation.

ohBehave
02-17-2010, 08:35 PM
Why do large financial entities even want gold in the first place?

How do they explain the reasoning behind owning gold?

oB

GoldDude
02-17-2010, 09:15 PM
Ask Gordon Brown.

http://www.telegraph.co.uk/news/newstopics/politics/6873600/Gordon-Browns-gold-giveaway-has-cost-country-5-billion-it-is-claimed..html


http://www.timesonline.co.uk/tol/news/politics/article1655001.ece




Why do large financial entities even want gold in the first place?

How do they explain the reasoning behind owning gold?

oB

Got Goldies
02-17-2010, 09:17 PM
How come when IMF sell Gold it plunges like $200.

fired
02-17-2010, 09:18 PM
How come when IMF sell Gold it plunges like $200.

Just like when India and Sri Lanka bought from them back at $1042. oh wait....

Got Goldies
02-17-2010, 09:21 PM
Just like when India and Sri Lanka bought from them back at $1042. oh wait....

India is not the smartest cookie buying Gold at thousands per oz. Russian got into Euro at the top?

wgadget
02-17-2010, 09:22 PM
The IMF made this story, too:

http://www.ft.com/cms/s/0/8481e594-1c00-11df-a5e1-00144feab49a.html

Greece has rejected proposals by EU finance ministers and the European Central Bank to take extra austerity measures to ensure it can cut the budget deficit by four percentage points this year to 8.7 per cent of gross domestic product.

Measures already proposed – including an increase in value-added tax, a further rise in fuel taxes, salary cuts for civil servants and reducing payrolls at public-sector corporations – are seen as likely to trigger widespread social unrest.

The government has said it will tighten policy if necessary after a detailed inspection of the public finances next month by specialists from the Commission, the ECB and the International Monetary Fund.

Threeggg
02-17-2010, 09:31 PM
There is a tonne of pressure on Gold and Silver.
This may backfire on them ?? ;)

threeggg

chartsrgood
02-17-2010, 09:35 PM
After this is complete how much gold will the IMF have?

fired
02-17-2010, 09:40 PM
India is not the smartest cookie buying Gold at thousands per oz. Russian got into Euro at the top?

That is not the point. You claim that when the IMF sells, gold plunges $200 but that did not happen when India purchased at $1042. That still looks like a smart decision today at $1100.

silverandgold
02-17-2010, 09:47 PM
Who will snap it up !!

http://uk.biz.yahoo.com/17022010/323/imf-sell-191-3-tonnes-gold-market-shortly.html


This was annnounced last year

doobsta
02-17-2010, 09:48 PM
After this is complete how much gold will the IMF have?

enough to make them meaningless to the world...

http://www.youtube.com/watch?v=uGhKN5ZRqS0

Pitcom
02-17-2010, 11:09 PM
No one wants Tungsten. Fool me once, shame on you. Fool me twice, shame on me:eek: http://www.marketoracle.co.uk/Article14996.html

I think you meant to say this...........

http://www.youtube.com/watch?v=eKgPY1adc0A

Silvercoin
02-17-2010, 11:30 PM
After this is complete how much gold will the IMF have?

about 3000 tons i believe or a little less than that.

Interestingly US gave a 100 billion "loan" to the IMF of paper dollars in exchange for some of IMF gold some months ago. Nice swap there - paper with ink for gold.

So exactly what portion of that 3000 tons remains is a good question.

MarcLacroix
02-17-2010, 11:49 PM
There is a tonne of pressure on Gold and Silver.
This may backfire on them ?? ;)

threeggg

Upward or Downward... From where?

Marc

chartsrgood
02-18-2010, 12:01 AM
about 3000 tons i believe or a little less than that.

Interestingly US gave a 100 billion "loan" to the IMF of paper dollars in exchange for some of IMF gold some months ago. Nice swap there - paper with ink for gold.

So exactly what portion of that 3000 tons remains is a good question.

Seems the US government is not Completely brain dead. Things are looking up? lol.

chartsrgood
02-18-2010, 12:08 AM
enough to make them meaningless to the world...

http://www.youtube.com/watch?v=uGhKN5ZRqS0

Thanks for the link.

Got Goldies
02-18-2010, 12:14 AM
That is not the point. You claim that when the IMF sells, gold plunges $200 but that did not happen when India purchased at $1042. That still looks like a smart decision today at $1100.

Lets hope India can absorb another wave of IMF dumping.


Gold going from $200 to $1200 is a big profit for IMF.

Seithen
02-18-2010, 12:22 AM
After India bought the IMF gold at 1042 everyone said gold was going to crash but instead it went straight through the roof to 1240. Same thing will happen again here.

Silverthorn
02-18-2010, 12:53 AM
After India bought the IMF gold at 1042 everyone said gold was going to crash but instead it went straight through the roof to 1240. Same thing will happen again here.

If someone grabs all or a big chunk of it at once it could well do.

Got Goldies
02-18-2010, 01:17 AM
I hear IMF wants to purchase Greece for 190 tons of Gold. Who wouldn't?

r/e is cheap right now.

ozeke2001
02-18-2010, 01:46 AM
sell mortimer sell god%$##@% sell:D
I think gold will do just fine, it will have its ups and downs, but we still have a long recovery and until we figure out how we are going to fix this economic mess here in the us, gold will still be a temporary backup for those who are afraid to get back into the market, and the whole world is watching to see what moves the usa will be making in the coming months.

zostar
02-18-2010, 02:15 AM
about 3000 tons i believe or a little less than that.

Interestingly US gave a 100 billion "loan" to the IMF of paper dollars in exchange for some of IMF gold some months ago. Nice swap there - paper with ink for gold.

So exactly what portion of that 3000 tons remains is a good question.

I thought that Gold went to Germany, cause the US owed them
that Gold, cause Germany wanted their Gold back, as the US was
'holding' it.
:confused:

beswick111
02-18-2010, 02:23 AM
Who will snap it up !!

http://uk.biz.yahoo.com/17022010/323/imf-sell-191-3-tonnes-gold-market-shortly.html

probably china or india, maybe some 3rd world country like sri lanka, by the way, why does japan only have like 3% of their foreign reserves in gold?

imagine where POG would be if they increased to 20% or more.

by the way the IMF is in reality the USA, like the world bank is the USA, the imf selling gold is just a desperate attempt by the heirachy to make people believe the US$ is still worth something, its unbelievable how inflation hasnent started yet with the trillions of $$ they put into the system, how long can they keep this charade up?, a few yrs at best?

zostar
02-18-2010, 02:34 AM
Yeah, proley China will snatch it up;; seems like they make
an announcement to sell tons of Gold every 4 or 6 months ...
they like to drag out that dead cat, try to get people to panic
and sell Gold.
dirty cabal, same ol .. same ol.

Hah Kee Kueng
02-18-2010, 03:55 AM
Why is it every time POG goes up IMF will make a sales announcement??? Are they aligned to da boyz to bring the price of gold down??

silvereagle
02-18-2010, 04:49 AM
I think they are just trying to get the price down.?imo any thoughts?

Fedor
02-18-2010, 06:06 AM
I think they are just trying to get the price down.?imo any thoughts?

IMF Gold will only ever enter a central banks vault, the BRIC's will be thrilled with the news.

Lord Lister
02-18-2010, 06:11 AM
For a level headed analysis visit Jim Sinclair http://jsmineset.com/

goldstar2001
02-18-2010, 06:51 AM
IMF Gold will only ever enter a central banks vault, the BRIC's will be thrilled with the news.

When the central bank uses it's last bullet (in other words sells off the remaining ton), they will surrender total control of the gold market. Let them sell it off now and we can enjoy an exponential pog growth later. I look back in history at the UK sales were they sold off at the lowest POG, how smart was that?

GetZeeGold
02-18-2010, 06:57 AM
I think they are just trying to get the price down.?imo any thoughts?

Ya got a link for that sport? :cool:

Collectivist
02-18-2010, 07:04 AM
Upward or Downward... From where?

Marc

Both. The divergence between the paper and physical markets will become more pronounced. Physical is in the process of going into hiding. Expect gold hoarding to disrupt supply.

All those dimwits who still refuse to see the difference between artificial, symbolic money and real tangible money will soon be witness to the unravelling of the great lie.

Beware the apologists who continue to defend bank controlled government ponzi schemes, fiat currency and berate 'conspiracy theories'. The goal is to keep the sheeple in the dark about whats really going on, employing certain tactics to ensure the lie is perpetuated.

Avoid group think and do your own due dilligence, now more than ever. Pick up a prospectus and read with your own eyes why GLD and SLV is a massive scam instead of Adam Hamilton's hit piece on those who question these funds.

Read the real world accounts of people who lived through recent economic crises rather than state sponsored history books written by those with agendas and an intent to corrupt or omit the truth rather than reveal it.

Become familiar with the Council of Foreign Relations. Visit the website and take a good hard look at the enemy. Study the membership list and check these people out. You will be astounded at what self discovery reveals.

The point is to do your own due dilligence and constantly hone your critical thinking skills. Trying seeking out answers before asking others to answer them for you.

NevADHDamn
02-18-2010, 07:04 AM
i think its best not to think when trying to bet where gold is going.
Do you like the idea of paying 1106$ an ounce for gold sir?

Na il try somewhere else. Thanks for your time.

Hey how bout 1080?

na can you make it like 1030? coz u know its rough out there.

yeh ok mate. 1030 it is!

NevADHDamn
02-18-2010, 07:10 AM
Both. The divergence between the paper and physical markets will become more pronounced. Physical is in the process of going into hiding. Expect gold hoarding to disrupt supply.

All those dimwits who still refuse to see the difference between artificial, symbolic money and real tangible money will soon be witness to the unravelling of the great lie.

Beware the apologists who continue to defend bank controlled government ponzi schemes, fiat currency and berate 'conspiracy theories'. The goal is to keep the sheeple in the dark about whats really going on, employing certain tactics to ensure the lie is perpetuated.

Avoid group think and do your own due dilligence, now more than ever. Pick up a prospectus and read with your own eyes why GLD and SLV is a massive scam instead of Adam Hamilton's hit piece on those who question these funds.

Read the real world accounts of people who lived through recent economic crises rather than state sponsored history books written by those with agendas and an intent to corrupt or omit the truth rather than reveal it.

Become familiar with the Council of Foreign Relations. Visit the website and take a good hard look at the enemy. Study the membership list and check these people out. You will be astounded at what self discovery reveals.

The point is to do your own due dilligence and constantly hone your critical thinking skills. Trying seeking out answers before asking others to answer them for you.

"REVOLUTION"

HEY Speaking of corruption. i just have to day trade the S&P500 to see the corruption. LOL Big drop to support. Then BANG UP then BIg drop to support. Then bang up! Corruption or bargain hunters yeah right

kel2009
02-18-2010, 07:11 AM
Ya got a link for that sport? :cool:

Here, this is what I read.

http://online.wsj.com/article/SB10001424052748703444804575072282155903028.html?m od=WSJ_latestheadlines#articleTabs%3Darticle

GetZeeGold
02-18-2010, 07:17 AM
Do you like the idea of paying 1106$ an ounce for gold sir?



I didn't like the idea of paying 273 for it....nor 378......nor 530.....nor 700.


But I did.


The 700 level was event driven for me. I felt I had no choice. It was Fall of 2008. Bear Sterns, Lehman Brothers....remember that? Turned out to be a good move. I was buying so hard I'm still sick of it. I didn't shoot my mouth of about it either. I was just hoping I wasn't going to get priced out by everyone else.


Got another event coming up......Greece, California, New York. It won't stop with them. Are you ready for it?


Gold is at 1106$ and there is a reason for it. Buy it or don't buy it. That is the price.

GetZeeGold
02-18-2010, 07:22 AM
Here, this is what I read.

http://online.wsj.com/article/SB10001424052748703444804575072282155903028.html?m od=WSJ_latestheadlines#articleTabs%3Darticle

Thanks.


Up is down, down is up. The expected sovereign buy points were always thought to be in the 1040 - 1060 range from everything I've seen.


That's actually pretty good news because it removes the overhang from the original news.


Believe it or not that's the way I see it.


It didn't move the price very much.......looks like a yawn event so far to me.


All they are doing is saying it's for sell.......we already knew that.


When it is sold.....that's it.....it's gone.....no more.....so it's actually pretty good news.

MarcLacroix
02-18-2010, 07:26 AM
I've had eerie feelings about 'GLD', 'IAU' and 'SLV'
I've traded those three a bit but now I hold 'GTU' and 'CEF' instead.
I remember 'SLV' going through a reverse 10:1 split last year. I was not able to find out why that happened exactly but I'm guessing they only had a tenth of the silver they were supposed to have.

Marc

Lord Lister
02-18-2010, 07:32 AM
I believe they are restricted to selling 21 tons per month on the open market by international rules set up to stop these types of sales effecting the price too much.

Stormdancer
02-18-2010, 07:36 AM
This is yet another IMF tempest in the propaganda teapot. Where is the IMF going to get this gold?

Many don't realize that the IMF doesn't have a vault somewhere with gold in it. Its gold reserves consist of member nations promises to deliver gold to the IMF. Since India is a member, it's quite possible that not one ounce of gold moved when they supposedly bought 200 tonnes last year. That first 200 tonnes backfired on them big time. So now they announce they're selling "on market" instead of bank to bank. Ya right :).

In spite of the concerted effort to get you to believe gold is a "barbaric relic", they KNOW what gold is and there's not a snowball's chance in hell they'll allow any they currently control to get out where any outsider has a shot at it. This gold will go into very carefully chosen hands...if the sale is real at all.

They claim they're selling over time out of the generosity of their black little hearts...baloney! If they dumped this gold on the open market all at once it would get snapped up so fast it would make your head spin and reveal that the appetite for real gold among those with big money is HUGE. It would affect the POG exactly opposite the direction they need it to go.

This is a carefully staged show...just as every IMF threat to sell has been for years.

They are planning to try to take the POG down again and they'll probably succeed to a degree....what degree I don't know.

What I do know is that they're going to lose control one day. When? Again, no clue...but we're one day closer than we were yesterday.

GetZeeGold
02-18-2010, 07:45 AM
Overhang : GONE


Cool beans. :cool:

silverrex
02-18-2010, 07:48 AM
one reason why IMF would sell their gold now is because they know gold is about to crash, they will buy back when gold corrects a large chunk. While anything can happen, and gold can certainly go parabolic if the world goes crazy, however the technical outlook does not look so good at the moment

GoldBullDog
02-18-2010, 07:50 AM
Is this 191 tonnes the second half of the 403 tonne sale that we've known about since last year, or is this 191 new tonnes not connected to the 403? It was ambiguous from the wording of the article I read.

Stormdancer
02-18-2010, 07:51 AM
one reason why IMF would sell their gold now is because they know gold is about to crash, they will buy back when gold corrects a large chunk. While anything can happen, and gold can certainly go parabolic if the world goes crazy, however the technical outlook does not look so good at the moment


The IMF is not authorized to buy gold.

GetZeeGold
02-18-2010, 07:52 AM
one reason why IMF would sell their gold now is because they know gold is about to crash


Bzzzzzzzzt. They aren't selling their gold now. They've been selling it. India took the bulk of it. When they unload the last of it there will be no more for sell.


Staying current with the news will make you a more successful trader. :cool:

Stormdancer
02-18-2010, 07:53 AM
Overhang : GONE


Cool beans. :cool:

exactly. one day closer......if they succeed in driving gold down again, I'm taking it for the gift it is...IF I can find any gold to buy at the supposed "spot" price. Doesn't matter in the long run and I'll still be taking what I can either way :)

GetZeeGold
02-18-2010, 07:55 AM
Is this 191 tonnes the second half of the 403 tonne sale that we've known about since last year, or is this 191 new tonnes not connected to the 403? It was ambiguous from the wording of the article I read.

I'm reading that it's the remainder. Old news basically.

Got Goldies
02-18-2010, 08:59 AM
When are they dumpig that Gold?

GetZeeGold
02-18-2010, 09:01 AM
When are they dumpig that Gold?

When you were buying theater seats.

The last 6 months......where ya been? :p

Threeggg
02-18-2010, 09:19 AM
Looks like they cried "WOLF" one to many times.
Moving on up ! ^^^^^^^^^^^^^^^^^^^^^^:D

Threeggg

Stormdancer
02-18-2010, 09:21 AM
At least for now, it looks like you're right. Quite encouraging :)

Threeggg
02-18-2010, 09:29 AM
Yes but expiry is next week and they will try to drive it into a hole !!!!!
the only time they didnt was in December 2009 as I recall ??
anybody ? :confused:

threeggg

Instigator Al
02-18-2010, 09:31 AM
There is a tonne of pressure on Gold and Silver.
This may backfire on them ?? ;)

threeggg

Of course it is. I am truly amazed at how many folks here at Kitco buy into all the nonsense. Gold doesn't care anymore. It will rise and continue to rise.

Got Goldies
02-18-2010, 09:33 AM
Here is an updated real time chart with a decade of experience.

http://i288.photobucket.com/albums/ll195/luckylegs10/2-18gold.jpg

Parizatis
02-18-2010, 09:35 AM
Of course it is. I am truly amazed at how many folks here at Kitco buy into all the nonsense. Gold doesn't care anymore. It will rise and continue to rise.

I am convinced too. Gold can no longer be seen as a " hoax" but as a real hard FACT!

golditiki
02-19-2010, 04:56 AM
Ask Gordon Brown.

http://www.telegraph.co.uk/news/newstopics/politics/6873600/Gordon-Browns-gold-giveaway-has-cost-country-5-billion-it-is-claimed..html


http://www.timesonline.co.uk/tol/news/politics/article1655001.ece

because in crucial moments only gold is the only money others accept.
During ww II gold was used to keep unstable Iran USA minded.
As far as i know, not many countries minted in 1943 goldcoins, i desperately looked for a 1943 goldcoin, my birthyear and only found ( the equivalent in Iranian dataing ) which probably was struck in the US. I think the US was also paying saudi with a kind of goldblanks.
Same with silver coins, only small values were struck in those crucial years to keep morals high.
Dutch silver ( very fine ) wartime coins hade been USA struck for use in non-occupied dutch colonies.
Just think what you would accept in uncertain times when the war issue between friend and foe is uncertain.
Gold is the incarnation of a choice. The decision to go for the bird in the hand, paper money/ bonds and stocks are the ten birds in the air.
Golditiki +++

spgold
04-07-2010, 05:47 AM
I have to admit i did a lot of search in the forums pages to find this once again, because i did not want to start a new topic for something already discussed.

That for i would like your patience - due to the trouble i ve gone through :p - for giving life to a dead thread, but have the following question ...

Is IMF's selling over (if ever there was any) or should we expect another wave now that POG has gone up a bit ???

arlene2
04-07-2010, 05:55 AM
I thought that I read recently that GATA offered to sell it for them-----or was that just an attempt at humor???

Stormdancer
04-07-2010, 05:56 AM
No announcement has been made saying that the final 191 tonnes of the IMF's planned sale has been completed.


The last news I've heard about this was that Sprott Asset Management's John Embry had offered to buy it, and been rejected.

Which makes absolutely no sense....

I think it likely that they're selling paper gold and Embry wanted delivery of real physical gold. I can't think of any other plausible explanation.

Sprott Asset management has recently launched a 1:1 gold fund (PHYS) similar to Canada's CEF, and it is trading at a 6.75% premium to the price of gold...again similar to CEF. He has confirmed the purchase of 11 tonnes of physical gold to date to back the fund...and evidently wants much more, but is having trouble obtaining it.

GetZeeGold
04-07-2010, 05:56 AM
Is IMF's selling over (if ever there was any) or should we expect another wave now that POG has gone up a bit ???


It is if they want to sell it to Eric Sprott.................


Eric actually wants gold..............that could be a problem. :p

Carpenter
04-07-2010, 06:19 AM
The IMFs Alistair Thomson, has shed light on their refusal to sell gold to Eric Sprott



•The IMF is only selling gold though a qualified agent. There is only one of these agents at the moment and due to the nature of the gold market, they won't reveal who or what that agent is.
•The IMF is also phasing out the gold sale and does not intend to dump it all at once because to do so would disrupt markets, which is obviously not their intention.
•Sprott can't buy the gold directly because they do not deal with institutional clients like hedge funds, pension funds, etc. The only buyers can be central bankers and sovereign nations, that sort of thing.
•The IMF board agreed months ago how they wanted to approach the sale of the gold. Sprott is welcome to buy from central banks who have bought from the IMF, but not from the IMF directly.

Nor apparently from their agent.:rolleyes:
Is this BS for real?

http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2010/04/06/businessinsider-eric-sprott-gold-imf-2010-4.DTL

GetZeeGold
04-07-2010, 06:54 AM
The IMFs Alistair Thomson, has shed light on their refusal to sell gold to Eric Sprott

Nor apparently from their agent.:rolleyes:
Is this BS for real?




Oh no....they will sell it to you. You just need to figure out who the secret agent man is....or maybe it's a woman...or maybe not. :p

http://www.youtube.com/watch?v=6iaR3WO71j4

Stormdancer
04-07-2010, 06:59 AM
The IMFs Alistair Thomson, has shed light on their refusal to sell gold to Eric Sprott




Nor apparently from their agent.:rolleyes:
Is this BS for real?

http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2010/04/06/businessinsider-eric-sprott-gold-imf-2010-4.DTL

man...what an idiotic puff piece...a typical "nothing to see here..." nonsense explanation that explains nothing.

GetZeeGold
04-07-2010, 07:03 AM
man...what an idiotic puff piece...a typical "nothing to see here..." nonsense explanation that explains nothing.

I'll bet India feels relieved.....they got in just before they changed the rules.:p

Stormdancer
04-07-2010, 07:19 AM
I'll bet India feels relieved.....they got in just before they changed the rules.:p


I did a bit of digging when that sale was announced and learned that

1. The IMF has no gold storage of its own. The gold it "owns" it owns in the form of "pledges" from member nations and according to the IMF website the gold it "owns" is stored at various IMF approved warehouses all over the world.

2. India is an IMF member nation.

This leaves open the possibility that when India purchased that 200 tonnes of gold, it was simply a paper transaction officially cancelling out a previous pledge on gold already physically held by India. It is entirely possible, and I think likely, that no physical gold was mobilised as a result of that transaction.

Now, if the IMF doesn't have physical possession of any of the gold it owns, which member nation's stockpile is this remaining 191 tonnes going to come from?

And I think that question lies at the centre of the current idiocy surrounding the gold remaining to be sold. It's just paper....and they can't sell paper to someone who wants to take delivery, because somebody that now possesses the physical would have to give it up, and that ain't likely happening because that gold is already encumbered many times over.

They need to sell it to someone who is content to hold a promise of gold and leave the real thing sitting in a LME warehouse where it can support the many paper promises currently attached to it.

GetZeeGold
04-07-2010, 07:21 AM
I did a bit of digging when that sale was announced and learned that

1. The IMF has no gold storage of its own.


REALLY......who woulda thought? :p


Sooooo I'm guessing that India received a receipt instead of a tracking number?:cool:

Stormdancer
04-07-2010, 07:54 AM
REALLY......who woulda thought? :p


Sooooo I'm guessing that India received a receipt instead of a tracking number?:cool:


Sort of. I think they already had possession of the 200 tonnes of real metal. What they purchased was probably pledged to the IMF, but still held in Indian vaults as custodial gold. I think they bought back the pledge...not the gold...they already had that.

GetZeeGold
04-07-2010, 08:48 AM
Sort of. I think they already had possession of the 200 tonnes of real metal. What they purchased was probably pledged to the IMF, but still held in Indian vaults as custodial gold. I think they bought back the pledge...not the gold...they already had that.


I certainly hope India receives the Nobel Peace Prize or some such thing for such a kind act. :D

Wudda bunch of nice guys. :cool:

golditiki
04-07-2010, 09:07 AM
Who will snap it up !!

http://uk.biz.yahoo.com/17022010/323/imf-sell-191-3-tonnes-gold-market-shortly.html

IMO The IMF just wants to convert goldpledges which in those times were worth 35 usd / troy ounce, into 1000 usd / Troy ounce. By this
Making a six billion gain from a fairytale promise given in a fit of idioty by the major fairies as a birthgift to the IMF baby.
India has maybe bailed out its quota, but others might not want to burp up the difference = 965 dollars / ounce = six billion in times where they already have serious deficits.
One should be able to read Newspeech. The IMF agents are of course the Banks of the countries who pledged the gold and have (?) or should have the physical gold in their vaults ( do they ? ). They are IMO supposed to burp up the gold and the IMF to get the money .
Have a good laugh. Nothing is more real than the unimaginable.

Golditiki +++