IMF gold sales clarification welcomed by World Gold Council

Mine Web ^

[Ghost of Philip Marlowe]

Great another app. 1/10th of our GDP handed over to the IMF to give out to third-world dictators.

Well, what can you expect from the American universities’ brightest scholars.

[hoosier hick]

...approved $108.6 billion in funds to support the IMF in a role to prevent global economic meltdown and the problems which might occur as a result

So, if $108.6 billion will prevent global economic meltdown, why are we spending trillions?

hh

[StandUpChuck]

I saw this on TV.

Cash4Gold

[ajwharton]

We are rapidly losing any ability to again have a gold-backed currency. Ragnorok awaits!

[hinckley buzzard]

A 400 ton gold sale is not unusual, as far as central banks are concerned. The news is that this is non-news.

[SteelTrap]

The IMF and the World Bank have done more to destroy third world countries than all other causes put together. Now it appears they are setting the stage for going up-market in their country destroying business. Keep an eye on these guys as they will redefine the basis for SDR's in about a year. SDR's are Special Drawing Rights and the Russkies and Chicoms have been bleating about them lately over fears the dollar will fall. SDR's are international fiat money "not money, really we said it isn't money" that is a basket of other fiat monies, valued in dollars. Hang on to your wallets!

[Ghost of Philip Marlowe]

No, silly.

The news is that the Democrats snuck into the military-spending bill a $100 billion dollar giveaway to the IMF -— using US taxpayers’ money — when we are headed for what will prove to be THE worst economic crisis since the Great Depression.

[Ghost of Philip Marlowe]

It will be interesting to see who snatches up that gold.

My bet is on the ChiComs.

[DivaDelMar]

"In a statement issued on Friday, the World Gold Council (WGC) says it welcomes the news that the U.S. House of Representatives has, in effect, finalised the process whereby the IMF can sell 403.3 tonnes of gold "in a manner that will have no impact on the smooth running of the international gold market." "

BULL. The purpose of this sale is to depress the price of gold.

[FromLori]

You win the prize very perceptive!

[narses]

“Great another app. 1/10th of our GDP...”

How do you figure? Our GDP far exceeds one trillion dollars, no?

[meyer]

The purpose of this sale is to depress the price of gold.

And thus create a buying opportunity. Maybe...

[taxtruth]

Great,I’ll purchase more.This nonsense always backfires on the funny money paper pushers.

[Ghost of Philip Marlowe]

I admit my math is horrible, but am I that far off?

Isn’t 100 Billion 1/10 of 1 trillion?
A trillion is a thousand billion. 100 x 10 = 1000, no?

[narses]

Right - and the US has a GDP of about a trillion a month. So it is 1/10th of 1/12th of our GDP. Way too much but not exactly or even close to one percent.

[Ghost of Philip Marlowe]

Our GDP = one trillion per month?

Where did you get that estimate?

[Ghost of Philip Marlowe]

By the way, I wrote that post BC (before coffee).

What I meant was 1/8 of the printed currency we have in circulation.

[Oatka]

This nonsense always backfires on the funny money paper pushers.

I was around when the dollar was "freed" from the last of the gold backing. Just before that we had a "two-tier" market where the govt (first tier) said that gold, in 1971, was STILL worth only $35 while the free market (second tier) imediately went to $40 and kept climbing.

Lots of discussion about the value of gold, with the liberals and govt hacks naturally pooh-poohing it. The best one was Paul Samuelson, who stated that the only reason gold had any value was because it could be swapped for dollars. I kid you not. This guy is still making TV appearances as an economic guru.

A pretty decent refresher on the gold standard is at Wiki. Click on the picture of our good paper money, where it said "This certifies that there has been deposited in the Treasury of the United States [dollar amount] in gold coin [my emphasis] PAYABLE TO THE BEARER ON DEMAND". In other words, our paper currency was nothing more than a warehouse receipt that was easier to carry around than the coin. Now we have depreciating IOUs and are told it is "just as good".

[EBH]

bump that!