The Disturbing: Secret Gold sales by IMF again?
By Contrarian
Published: May 5, 2010
Reuters reports a disturbing piece of news as IMF has once again tried to subtly manage the sale of Gold. The below news seems to suggest that 5.6 tonnes of Gold was sold in Feb and 18.5 tonnes in March.
The International Monetary Fund sold 18.5 tonnes of gold in March under the second phase of its gold sales program, industry group World Gold Council said on Tuesday.
The IMF’s sales, which totaled 5.6 tonnes in February, are taking place under the umbrella of the third Central Bank Gold Agreement, which began in September 2009. Signatories of the CBGA are largely euro zone central banks, the largest gold holder of which is Germany.
Natalie Dempster, WGC’s director of government affairs, said IMF released the data in its monthly International Financial Statistics publication.
Total sales under the pact, which limits signatories’ gold sales to 400 tonnes a year, were just 7.2 tonnes to April 20.
The IMF began its planned sales of 403.3 tonnes of gold last year. It sold 200 tonnes to India and smaller amounts to Sri Lanka and Mauritius last year.
The price of gold gained almost 6 percent in April, its biggest one-month rise since November, as the credit ratings downgrades of Greece, Spain, and Portugal, sparked a flight to safety into the metal.
The sale looks suspicious cause GATA had recently noted the denial of sale of Gold to Sprout Asset Management and another investment house. The reasons offered were ridiculous flimsy as IMF reserves the right to chose its buyers. It is well know fact that IMF does not really have the Gold and hence folks with real intention of taking down the Gold are always refused. It will be worthwhile to find out if India ever got the Gold that it bought off IMF or if IMF had just made an accounting change in their books on Gold ownership?
The above news of Gold news from IMF looks disturbing as the buyers are not being listed. Who bought 18.5 tonnes of Gold? Why is the news not being released in proper channel rather than through subtle diversions?
GATA obviously is not going to take this lying down and hence speculated that the Gold may have just been shipped to London Bullion markets to the Shorts who have no chance of delivering the Gold.
is the gold being used to plug holes in the increasingly leaky dike of Western central bank and bullion bank gold price suppression? Is the gold being rationed to members of the London Bullion Market Association, whose impossibly short positions in gold and silver were disclosed over the last six months in reports by GATA board member Adrian Douglas
Is there a possibility that the dollar rally of 2010 had little to do with fundamentals of PIIGS, and was a desperate effort to pull Gold down below $1000/ounce? EUROZONE even in the worst case has deficit of only 6.5% that is after accounting for deficits of all PIIGS nations (true numbers released by EUROSTAT). That deficit is hardly anything compared to the US and UK which are north of 12% and rising. States in the US are now running short of cash to even pay back tax rebates. There is a serious concern that the recovery in asset prices in the US is a little too late. Under such severe bankruptcy threat in the US, there is very little reason to believe that dollar rally of 2010 has anything to do with eurozone.
We covered the potential damage to JP Morgan if the Gold shorts are forced to cover. This is a situation which will trigger world wide price collapse and the FED knows this better than anyone. JP Morgan is at the center of the storm and the size of damage is $5.5 trillion. Read our reports “The world largest fraud”
It begs the question whether the continuing rally in dollar and its desperate battle with Gold is the last ditch effort of a central bank which tries to fight its biggest enemy GOLD. If so be the case, then we are very close to GOLD winning the battle. It trades at $1170/ounce while dollar is at 83.4 which by all means have got JP Morgan scratching their heads on what has gone wrong.
I think where JP Morgan and FED has got it really wrong is the contagion of information about Gold shorts to all parts of the world. No more is this market wrapped in secrecy. Millions of folks around the world are now leafing through billions of bytes of information/records on Gold and Silver and coming to virtually the same conclusion.
The fraud is ready to blow.
Contrarian
By Contrarian
Published: May 5, 2010
Reuters reports a disturbing piece of news as IMF has once again tried to subtly manage the sale of Gold. The below news seems to suggest that 5.6 tonnes of Gold was sold in Feb and 18.5 tonnes in March.
The International Monetary Fund sold 18.5 tonnes of gold in March under the second phase of its gold sales program, industry group World Gold Council said on Tuesday.
The IMF’s sales, which totaled 5.6 tonnes in February, are taking place under the umbrella of the third Central Bank Gold Agreement, which began in September 2009. Signatories of the CBGA are largely euro zone central banks, the largest gold holder of which is Germany.
Natalie Dempster, WGC’s director of government affairs, said IMF released the data in its monthly International Financial Statistics publication.
Total sales under the pact, which limits signatories’ gold sales to 400 tonnes a year, were just 7.2 tonnes to April 20.
The IMF began its planned sales of 403.3 tonnes of gold last year. It sold 200 tonnes to India and smaller amounts to Sri Lanka and Mauritius last year.
The price of gold gained almost 6 percent in April, its biggest one-month rise since November, as the credit ratings downgrades of Greece, Spain, and Portugal, sparked a flight to safety into the metal.
The sale looks suspicious cause GATA had recently noted the denial of sale of Gold to Sprout Asset Management and another investment house. The reasons offered were ridiculous flimsy as IMF reserves the right to chose its buyers. It is well know fact that IMF does not really have the Gold and hence folks with real intention of taking down the Gold are always refused. It will be worthwhile to find out if India ever got the Gold that it bought off IMF or if IMF had just made an accounting change in their books on Gold ownership?
The above news of Gold news from IMF looks disturbing as the buyers are not being listed. Who bought 18.5 tonnes of Gold? Why is the news not being released in proper channel rather than through subtle diversions?
GATA obviously is not going to take this lying down and hence speculated that the Gold may have just been shipped to London Bullion markets to the Shorts who have no chance of delivering the Gold.
is the gold being used to plug holes in the increasingly leaky dike of Western central bank and bullion bank gold price suppression? Is the gold being rationed to members of the London Bullion Market Association, whose impossibly short positions in gold and silver were disclosed over the last six months in reports by GATA board member Adrian Douglas
Is there a possibility that the dollar rally of 2010 had little to do with fundamentals of PIIGS, and was a desperate effort to pull Gold down below $1000/ounce? EUROZONE even in the worst case has deficit of only 6.5% that is after accounting for deficits of all PIIGS nations (true numbers released by EUROSTAT). That deficit is hardly anything compared to the US and UK which are north of 12% and rising. States in the US are now running short of cash to even pay back tax rebates. There is a serious concern that the recovery in asset prices in the US is a little too late. Under such severe bankruptcy threat in the US, there is very little reason to believe that dollar rally of 2010 has anything to do with eurozone.
We covered the potential damage to JP Morgan if the Gold shorts are forced to cover. This is a situation which will trigger world wide price collapse and the FED knows this better than anyone. JP Morgan is at the center of the storm and the size of damage is $5.5 trillion. Read our reports “The world largest fraud”
It begs the question whether the continuing rally in dollar and its desperate battle with Gold is the last ditch effort of a central bank which tries to fight its biggest enemy GOLD. If so be the case, then we are very close to GOLD winning the battle. It trades at $1170/ounce while dollar is at 83.4 which by all means have got JP Morgan scratching their heads on what has gone wrong.
I think where JP Morgan and FED has got it really wrong is the contagion of information about Gold shorts to all parts of the world. No more is this market wrapped in secrecy. Millions of folks around the world are now leafing through billions of bytes of information/records on Gold and Silver and coming to virtually the same conclusion.
The fraud is ready to blow.
Contrarian