3/28/10 IMF Rejects Gold Buyers

Precious Metals Market Analysis, By Michael Pennington (Copyright 2010 Pennco Coins)

In an exclusive report, last week Kitco released yet another stunner in the world of precious metals. It turns out that Eric Sprott has attempted to purchase gold from the IMF, according to information provided to Kitco by Frank Holmes, CEO of US Global Investors. “I just spoke with Eric Sprott, who bid to buy [the IMF’s remaining gold on the block] and they refuse to sell it. Holmes argues the IMF’s rejection of Sprott’s bid, means markets are being manipulated.” Back to Holmes: “I think there is a lot of manipulation done by governments around the world in the currency markets which affect the bond markets so to me it’s just normal course.”
If the IMF publically announces its intent to sell its gold, why wouldn’t they sell it to a reputable mutual fund that offered a fair price? There are several reasons:

1.    They really don’t have any gold left to sell.

2.    They already sold their gold to China but don’t want to admit it.

3.    They really don’t have any intention to sell their gold. They just want to keep announcing they are selling it for several more years to deflate the price of gold at critical times.

4.    The gold is slated to cover the central banks that leased out their gold and are now in a panic because they cannot buy it back in bulk without driving up the price and unsettling the ponzi shorts on Wall Street.  The physical market is already very tight.

The fourth reason above is probably the true one. This gold sale and the Bank of England gold sale several years ago were in relief of the bullion banks and their government bureaucrats who get caught short.  That is why they abhor the idea of audits as well.  They do not have what they say they have.  They lent it out, and it was sold.
This all is occurring as ever more pundits finally realize that as fiat currencies are discredited across the world, the only safe, non-dilutable resource is gold.


About Pennco Coins

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This entry was posted in Dollar, Federal Reserve, Gold, Gold to Silver Ratio, Palladium, Platinum, Silver and tagged , , , , , , . Bookmark the permalink.

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