9/20/09 IMF Announces Gold Sales – Again

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

Every time the anti-gold cabal needs an excuse to drop gold, they make another IMF Gold Sales announcement. They make the same announcement numerous times to get the maximum effect.
Last week the IMF announced again the sale of 403 tons of gold. I believe that the stated purpose of this proposed sale is in fact a cynical fraud; rather its real purpose is to depress and control the price of gold for the benefit of their friends.

The IMF has no gold reserves. All IMF gold is owned by and pledged by member countries in a double accounting scheme for reserve purposes. This is why congress must approve the sale of any IMF gold – it’s really U.S. gold owned by the citizens of the United States. The real purpose of the sale of U.S. gold reserves through the IMF is to set a precedent for raids on U.S. reserves in the future; in other words another piggy bank to be raided any time someone dreams up a politically high-minded scheme.
None of this gold will ever see the light of day. China has already offered to buy the entire amount. So the criminals won’t be able to depress the price with short sales via the gold-carry trade, because this IMF gold will never be sold through the market. The bottom line is that this is a non-event as far as the gold market is concerned.


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