Posted on 11/02/2009 6:24:42 PM PST by ovrtaxt
WASHINGTON, Nov 02, 2009 (Xinhua via COMTEX) -- BKIAF | Quote | | News | PowerRating -- The International Monetary Fund announced on Monday the sale of 200 tons of gold to India's central bank, almost half the total sales volume of 403.3 tons that was approved by the Executive Board in September.
"I strongly welcome this transaction with the Reserve Bank of India," Managing Director Dominique Strauss-Kahn said in a statement. "This transaction is an important step toward achieving the objectives of the IMF's limited gold sales program, which are to help put the Fund's finances on a sound long-term footing and enable us to step up much-needed concessional lending to the poorest countries."
The transaction, which is in the process of being settled, involved daily sales that were phased over a two week period during October 19-30, 2009, with each daily sale conducted at a price set on the basis of market prices prevailing that day.
The total sales proceeds are equivalent to 6.7 billion dollars or SDR 4.2 billion.
Oh and another thing- Russia decided that they're not going to sell any gold right now either, after they said they were considering it.
Something tells me they won't have a hard time finding buyers...
Covering themselves for when the dollar collapses.
I could use a few lbs myself! I’d have the best tooth fillings you’ve ever seen!
BLING!
6.4 million ounces @ $6.7Billion-
They pretty much paid full market price. (maybe some pennies difference, not enough to worry about)
Yep- in a year ‘full market price’ will look cheap.
Gold is up to $1065/oz.
This tells me that the stock market is about to tank.
The U.S. dollar will be rocketing higher, and gold the opposite.
The IMF will buy 1000 tons of gold using this same money once the crash is over.
On second thought, I believe I’ll just keep the gold in a safe. lol
Yep. Some ally. We should have known when they didn’t denounced being included in the BRIC organization (Brazil = Marxist, Russia = Marxist, China = Marxist). Obvious preparation for the new “basket currency” controlled by the IMF. They’re all silly fools if they believe the central banks will keep gold as part of the currency standard. That’s just to sucker everyone in. They’ll dump it once they bite the hook.
In what currency was the gold denominated?
That is the key....
China probably thought they could buy on the cheap. After hearing this news, they will come to realize they don’t have much time left to buy gold at these prices as theres too many buyers
Quit reading my mind. I thought they might spare a couple of pounds for me......
Better than a bank......
Russia backed out? I hadn’t heard that - maybe they are waiting until after the Comex meltdown in December...
http://business.timesonline.co.uk/tol/business/industry_sectors/natural_resources/article6891819.ece
We live in interesting times...
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