what do you make of this....... 1 minute ago
Sept. 18 (Bloomberg) -- The International Monetary Fund’s executive board said it approved gold sales of 403.3 metric tons and pledged to ensure against “disruptions” in the gold market.
The IMF said it would “stand ready to sell gold directly to central banks.” The sales could also be conducted in the open market in a “phased manner” over time, the Washington- based lender said in an e-mailed statement.
To contact the reporter on this story: Sandrine Rastello in Washington at firstname.lastname@example.org
Last Updated: September 18, 2009 16:56 EDT
some one must have there back against the wall? do they have it?
Why now you asked?
BECAUSE they are desperate for MONEY.
The same reason Nixon eliminated the US gold standard in the 1970s.
The only TRUE store of WEALTH is PRECIOUS METALS.
Those who believe in currencies will soon have their comeuppance.
Keep 50% of your holdings in gold (the actual metal, not these silly ETFs) and you will be well served for all time, and ESPECIALLY for these times wherein our government is on the fast track to dollar destruction.
I remember this same argument the last time gold went up in the 80's... people who bought then are still losing money based on inflation adjusted value. I've used gold myself to protect my investments, ie., I went 100% into gold and miners last Oct when things crashed everywhere. I rode it back to when gold reached $1000 the last time. I've been out since then. Gold may reach the very high levels that some predict, but history isn't on the side of that lasting very long.
Sounds like the IMF is finally actually selling the gold. It will be interesting to see who buys the gold and what they do with it. If the gold is held in uncirculated trust at central banks, the net result will be more debasing of the US dollars used to buy the gold that go into circulation around the world. Countries may sell the gold to their own people to get out the greenback. This should strength the dollar and weaken gold prices.
They will wait for a good deal. China will only a fair market value. They will not over pay so the price of gold will have to go down. I would suspect that the IMF would have already shorted/longed the tonnage and will transfer certificate of purchase to however wants the material. The sale strike and date is most likely already set for the coming months and/or years. LOL at all the longs right now! China most likely planned the pump rumors this week and last week! I'm super short!
If you know anyone who ever wisely "planned" a bankruptcy, what they do first, before filing, is pile on as much debt as possible. I mean, why trash your credit score for 10 years for PEANUTS, right? If you carefully analyze the actions of the good ol US of A, you will see the federal government is on the very same path. Why default on Treasuries as long as chumps are lining up to buy them at 3% 10 year yields, right? They will keep right on playing this game as long as suckers keep buying, THEN the default is inevitable. Just ask yourself how in blazes the debt can EVER be reduced - EVER??? It can't. Period end of story - buy gold (the real stuff, not some silly ETF) and you will sleep very soundly.
>>> This should strength the dollar and weaken gold prices.
Get one thing straight!!!!!!!!!!!!!
IMF gold (if it ever leaves IMF at all) will NEVER NEVER NEVER NEVER enter the markets. That gold is already spoken for by the well connected groups who are anxiously waiting for it.
The whole purpose of this "sale" is to provide a trigger for other tricks to be used by gold cartel very soon, most importantly intensive attacks on gold by the mainstream media (you will see fat Gartman more often with his "overcrowded gold" story), intensive selling of gold "futures" (a.k.a. toilet paper) to the suckers, etc. All central banks are buying as much gold as they can steal from you with one hand and feeding you crap with another hand.