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The big IMF sale is happening NOW, is the price crashing yet???

coynclectercoynclecter Posts: 2,111
in Precious Metals
The International Monetary Fund said it sold 200 tonnes of gold to the Reserve Bank of India for a total of $US6.7 billion ($NZ9.5b) as part of the global institution's plans to increase its lending resources.


Half of the "big, price crashing sale" went down without a blimp on the price, After all the many times they advertized it like we were getting warning to get out while the price was still high.


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  • JustacommemanJustacommeman Posts: 22,847 ✭✭✭✭✭
    Sounds like India was a winner and they are far from novice's in the gold market................MJ
    Walker Proof Digital Album
    Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
  • WeissWeiss Posts: 9,941 ✭✭✭✭✭
    I know zero about these huge central bank gold sales. But I do see that the market is marching upward overseas tonight.
    We are like children who look at print and see a serpent in the last letter but one, and a sword in the last.
    --Severian the Lame
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    India got a good deal as the gold was sold in 20 ton daily price increments while gold was correcting (10/19 to 10/30). The IMF said that their intention was not to upset the pog on these sales so this has apparently happened. There is also the chance that such a sale really never took place. This gold could have been leased out long ago and the IMF is just now clearing up the book entries.....while creating $6.7B in cash out of thin air.

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • derrybderryb Posts: 36,797 ✭✭✭✭✭
    Anytime a central bank demonstrates this much faith in gold (or lack of faith in the US Treasuries that were used to purchase the gold) you are going to see positive influence on the price of gold and negative influence on the US$. Look for Russia to pick up the remaining IMF gold (They've got a lot of US Treasuries to unload as well). I believe China is more apt to build their reserves from internal production sources. It remains to be seen how China will unload their declining US$ hoard.


    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    It has been noted that India was one of the few countries identified as a custodian of IMF gold. This would make a deal with India much cleaner than with China or Russia, esp. if this were more of a book keeping entry than an actual transfer of ownership. It may have been extremely important to the IMF and its handlers that the gold stay within the confines of the current IMF custodial countries. Russia and China aren't on that short list.

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • JustacommemanJustacommeman Posts: 22,847 ✭✭✭✭✭
    Is it true that India used SDR's to pay the gold in lieu of $USD as they intended?

    Is it true that the IMF didn't want to conclude the transaction all in $USD?

    MJ
    Walker Proof Digital Album
    Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
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