PDA

View Full Version : Horrific gold 'dump': Is this guy for real? – ThomWatch



mizou
8th December 2008, 15:59
‘Interventional’ analyst expects price plunge this week

Michael Bolser, a trained physicist who developed dollar value commodity indexes and 10 months ago correctly forecast the scope of the current recession, expects more than 3,000 tonnes of gold to flood the market this week.

Bolser, based in Florida, says the International Monetary Fund will release the gold for sale on Wednesday, Dec. 10. The 64-year-old Bolser says the price of gold subsequently will slide as much as 40 percent – to $455 an ounce in coming weeks from its current $760 an ounce.

Bolser, whom I met five years ago at a New Orleans commodities conference, writes Interventional Analysis, a subscription newsletter based on his real-time dollar index charts of gold, silver and oil and other metrics he devised. Bolser tells me he is plotting timelines with a 50-day calendar of events that central bankers around the world also use to intervene in financial markets.

“Demand will crushed by a bullion dump and $650 prices,” Bolser told me from California, where he is visiting family.

Bolser is a former director of the Gold Anti Trust Action Committee (GATA). The organization, as well as Bolser, believes governments, multi-national organizations and quasi-governmental agencies such as the Bank for International Settlements and the IMF often intervene in commodity markets to “manage the market.”

That is as much as they share in dogma.

“Since Mike is convinced that the Federal Reserve rigidly controls all markets every day and will have the wherewithal to control them forever, and since, in that belief, he has been advocating shorting gold since it was at $413, he's no longer a member of GATA's board,” GATA secretary Chris Powell says. “But we're still in agreement in principle on … surreptitious intervention by the government in the markets.”

Spot on

In February, Bolser told Jerome R. Corsi, who was writing for WorldNetDaily, that the Federal Reserve this year would drive down stock prices as measured by the Dow Jones Industrial Average this year to the 8,000 level from the 12,635 it was selling for then. Bolser also forecast a deep recession, which we now know already had begun.

The Dow average is now about 8,600.

Bolser used another metric he devised, one tracking Federal Reserve repurchase agreements that the central bank uses to lend funds to large banks, to predict the Dow Jones average’s daily movements. He has been close more often than not in 2008.

Bolser is a prolific author of papers ranging from monetary policy and money flows to “optics materials theory.” He says he called the reversal in the price of crude oil three weeks before its mid-July high of approximately $150 a barrel. A barrel now sells for $40 or so.

Bolser’s theory of interventional maneuvering covers a wide range of what he calls “covert” activity. The large receivers of Fed repurchase agreements each day, Bolser says, use the liquidity they provide to buy and sell commodities such as gold and oil, and to transact derivatives, swaps, futures, forward sales and so on.

On the IMF “dump” of gold he is forecasting for this week, Bolser says, “The IMF will say we need to take outperforming assets and put them in places where we can get the economy of the world going again. This is a replay of 1934, an artificial depression. The central banks will end up with the IMF’s gold.”

If your head is spinning, please do not call the doctor just yet. My head is spinning, too. I have been writing about gold and other commodity markets in one way or another since 1990.

The IMF, for example, already pledged this year to sell about 2,000 tonnes of gold in the marketplace. The IMF essentially receives gold from its member central banks as a pledge. That much I know.

Still, I feel like the reporter in the fictional movie coming out of Hollywood later this month, the woman who essentially wrote terrific stories about Venezuela and an assassination attempt on the U.S. president, but her sources were dead wrong. If your sources are wrong, one character in the film says, then you’re wrong. The film is called “Nothing But The Truth”

Bolser has a small and dedicated audience, and his metrics are original and purely formed. His research is deep. I could not find anyone outright laughing at his predictions.

“We don’t think the bottom (for gold) is in, so any decline fits fine,” says Robert Prechter, strategist, author and chief of market forecasting firm Elliott Wave.

Shoot the …

Bolser’s convictions, alas, are intense – thus making him a marked messenger if his forecasts turn out to be wrong.

“I am calling Dec. 10 as the center of probability for the IMFD selling 2,100 tonnes of Italian gold and another 1,100 tonnes from other countries. They will declare an emergency because the elites in charge want the gold,” Bolser says.

The motive behind all of Bolser’s bold predictions is as plain as he can make it, he says. The Fed and developed nations’ central banks and cooperating banks are victimizing investors, be they oil, gold or currency speculators.

As for economics, Bolser says central bankers have engineered a recession at the same time they are hyper-inflating their economies with trillions of dollars, pounds, euros and yen worth of paper currency. The effect, he says is one to counterbalance deflation and inflation.

U.S. Federal Reserve Chief Ben Bernanke in a 2002 speech about avoiding deflation said, “The U.S. government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at essentially no cost. By increasing the number of U.S. dollars in circulation, or even by credibly threatening to do so, the U.S. government can also reduce the value of a dollar in terms of goods and services, which is equivalent to raising the prices in dollars of those goods and services. We conclude that, under a paper-money system, a determined government can always generate higher spending and hence positive inflation.”

Bolser also follows the platinum market and says casual observers might keep an eye on the platinum price compared to gold. He expects platinum to hold the $800 level as gold slides.

At GATA, Chris Powell is no research slouch either. He likes Bolser, as many do. But he poses these counters to Bolser’s gold timeline:

“There is such a retail shortage and such a premium on real metal above futures contracts.

See Antal Fekete's analysis published on the backwardation creeping into the gold market,” Powell tells me. (Please see: http://news.goldseek.com/GoldSeek/1228499200.php.)

“Central banks all over the world are rushing to reflate and devalue. Indeed, a British economist, Peter Millar, speculates that central banks will use an upward revaluation of gold to avert debt deflation, just as FDR did in 1934,” Powell says. (You can find Millar's treatise on this topic here: http://www.gata.org/node/4843.)

Bolser sticks to his calendar. “As gold bugs enter a rising hysteria about shorts … and COMEX contract delivery requests, the Fed will slash then mercilessly,” he says. “It is a replay of the last financial hours of (silver speculator) Nelson Bunker Hunt.”

goldragon
8th December 2008, 16:28
mizou, I am very interested in your writing. Are you really serious about your message from Bolster?:confused:
if what you said is true, we will be affected soon.

mizou
8th December 2008, 16:40
Gold Dragon, here is the original link to this article.
http://gata.org/node/6967 which was originally posted on the gata site today.

goldragon
8th December 2008, 16:42
Gold Dragon, here is the original link to this article.
http://gata.org/node/6967 which was originally posted on the gata site today.

mizou, Thanks a lot!!

silverheartbone
8th December 2008, 16:57
I do not like it, but this dump tactic makes sense for the fatcats if you think about it.

I was going to buy some 1 gram gold bars this afternoon to give as gifts,
but after reading that,
I think that I'll hold off for now.

Good post mizou.

For silver, anything under $28 US per troy remains good for a long term buy and hold investor.

nuslvrkwen
8th December 2008, 17:07
Well. I WAS PLANNING ON BUYING BEFORE WEDNESDAY! I'm flying to Washington DC on Thursday - anyone familiar with coin dealers there? I'm only buying Canadian $5 pieces (they're about the size of a nickle...) but since the price is due to drop I'll buy them later and send them as gifts... I was happy to see silver above $10 this morning. It's below that now...

7nomads
8th December 2008, 17:20
The article mentions that platium would stay around $800, if silver doesn't drop, and gold hits $500 then the old 50/1 ratio between silver and gold would return.

The big question will be if the little guys (like me) will get an opportunity to buy or is this does happen with it be a "gordon brown" auction where only the big boys (ie, Saudi boys) get to buy. I guess opec won't complain about $40 oil if they get the gold for $450.

Gutsy call you got to give the guy that

prahudka
8th December 2008, 17:44
mizou, I am very interested in your writing. Are you really serious about your message from Bolster?:confused:
if what you said is true, we will be affected soon.

We will be affected by the fact that we want the same thing the central bankers want. I know you are very good at the short term game. I just grab a little bit and hide it in the septic tank. Long term, I like (well, I think I like) the fact that I am riding the coattails of the biggest greed that there is on the entire planet: central bank coveting gold. But, it is a bit weird to be playing the same game as the principalities and powers and rulers of this present darkness.

goldragon
8th December 2008, 17:53
We will be affected by the fact that we want the same thing the central bankers want. I know you are very good at the short term game. I just grab a little bit and hide it in the septic tank. Long term, I like (well, I think I like) the fact that I am riding the coattails of the biggest greed that there is on the entire planet: central bank coveting gold. But, it is a bit weird to be playing the same game as the principalities and powers and rulers of this present darkness.

I think we may be affected in short term. Long term we are OK. However, such an intervention is very annoying.

Greaves
8th December 2008, 18:19
Where does this guy get his information from? He just comes out and says 3000 tonnes of gold are going to be dumped onto the market? What are his sources?

Remember this guy was saying to short gold at the low 400s. So what does he know? Probably nothing. If you were shorting gold at 400s, you would be broke now.

Just thinking out loud, not sure what to think of this...

skijake
8th December 2008, 18:38
I think we may be affected in short term. Long term we are OK. However, such an intervention is very annoying.


Thoughts by Jake Ski,
I thought they were getting this whole finacial mess under control.
Now they want to screw with gold again.
Maybe if they would just concentrate on the task at hand.
By the way, why have the price of gold worth even 400 dollars? Let's drop the price to a buck an ounce and give everyone in the world an ounce or two.
This feels like disinformation before a big battle---Comex running low on physical [maybe] but wait, look, we found tons of this crap in the basement. Let's flood the market with this worthless crap. So we can get SOME value before it collapses. HAH!
These crooks will continue to try but their time is at hand.
This ends todays deprogramming. Continue as you were.:rolleyes:

cugir321
8th December 2008, 18:55
Please dump Mr. IMF...please!!! I'll buy lots of gold!!! It will be interesting to see how this effects silver....if it happens. I need cheap gold. Actually this may be misinformation to get the masses to dump. Man that would piss off a lot of people if they dump their stash out of fear and then gold goes through the roof.

thowze
8th December 2008, 19:37
With the Chinese having stated they would buy whatever is offered by the IMF along with the IMF stating that they would not 'dump' on the market to prevent a pricing crash, should we really be concerned about this statement? The author is highly credible, but a dump of this magnitude would affect the wealth of banks, countries and large investors around the world.

Seeing that any sales have to be authorized by the US Congress, this act would draw an incredible amount of anger from all over the globe towards the United States.

ascentient
8th December 2008, 19:45
I have no idea whether this is likely to occur, but I'm happy that it will be good for gold and gold investors. The more real wealth that is dumped on the market from government holdings, the less influence government can have over our lives. Personally, I'll buy like the world is ending if gold goes to $600 per ounce. I'd borrow money from friends, use credit cards and reduce my tax withholding to make it happen (hey, the interest/fines for tax evasion are far less than the 33% for gold to go from $600 back to $800).

Bring it on.

chux03
8th December 2008, 19:46
I say that will NOT happen and the reason I'll give is....human nature. While nothing much surprises me anymore, this definitely would. I say this is good fiction...I'm betting there'll be NO gold dump THIS WEEK.
Well soon see, won't we??

unalga
8th December 2008, 19:49
Bring it on. Deal of the century if it happens, which it won't.

JMHO, but we will never see 600 let alone 450;)

Generation Y
8th December 2008, 19:55
It's good to be alive in such a time where the unexpected can be expected. Oppourtunities everywhere and the times are uncertain.

It's exciting to say the least.

Frelodr
8th December 2008, 20:02
Well maybe China will be able to buy up the gold they have been looking for. Also, believe Saudia will buy up whats left over --> and the price will go right back up. Oh, don't forget Russia is also looking for Gold. Plus Mylasia might get their gold monetary system. We will have enough gold around to hopefully get rid of the dollar. Lodr

Argentum
8th December 2008, 20:05
See, the thing is, we buy metal to hold. Therefore we do not get hurt by price declines. We benefit from this price action. When you remove yourself from the paper game you have already won. If and when the price drops, we win MORE. Which is how THEY have played the game. But now the jig is up, they cannot control what they do not hold, in fact, they LOSE more control ! IF ! they do actually let it out. To many people now know the truth, thanks in no small part to the internet.

I've said it many times about silver, we where BLESSED with the price drop. And if it happens to gold, we shall be DOUBLY blessed. I only have a small amount to put into PM's at the end of the month, the more I can buy with each greenback, the better I am in the long run.

The market is hyper volatile, making moves in a day that would have taken months. If there is a PM "move" again, just smile and buy boys and girls, smile and buy. :D :D :D

Irons
8th December 2008, 20:12
Well maybe China will be able to buy up the gold they have been looking for. Also, believe Saudia will buy up whats left over --> and the price will go right back up. Oh, don't forget Russia is also looking for Gold. Plus Mylasia might get their gold monetary system. We will have enough gold around to hopefully get rid of the dollar. Lodr

China was the first word that popped into my head when I read this.Them and others will suck up any gold and stash it away.

cugir321
8th December 2008, 20:38
I wonder if there's some kind of scam they could work out....dump it to effect some other area that the banks will clean house on.

goldragon
8th December 2008, 20:51
I do not really know why they want to sell 3,000 tones of gold. It looks to me that it is not possible. They want to do what???? sell it @less than $500? it looks they are stupid, but they are smart people! I just can not understand!

silver wink
8th December 2008, 20:54
Does the IMF have the gold ?

There have previously been articles questioning if the IMF actually has the gold or if it is still held by the contributing members (and double counted). It may require agreement from the so-called owners before it is sold.I am sure a google search will turn up some well-informed articles on this.

Is Congress in session ? Would they call an emergency session? Have they pre-approved a sale?

mizou
8th December 2008, 20:59
This article makes more sense on the likehood of future gold sales... (or I rather believe this one :D )

http://www.commodityonline.com/futures-trading/technical/Recession:-Will-Central-Banks-sell-gold-7547.html

.... the total of active sellers among the signatories is only 143.1 tonnes of which 25 tonnes has been reported as sold since the 26th of September 2008. This is in line with the present selling rate of the gold. The market expected to see 500 tonnes this year, up until the 26th of September 2009, so expect it to be disappointed to the extent of 350 tonnes.

It is very clear now that Central Bank gold sales, excepting any further announcements of sales, will not be a significant factor in the gold market until the 26th of September 2009.

The only other possible source of gold sales will be the 400 tonnes the I.M.F. wants to sell. But this can only happen if the U.S. Congress agrees to the sale. Since it was discussed earlier this year, there has been only silence on the matter. If it were given the OK, the way of selling could take many forms including auctions and an outright sale to selected buyers [as happened in previous I.M.F. sales], which would not affect the gold price, except that the buyer could well be another Asian central bank who could take it all. This would be positive for the gold market.

Italy to sell?

Italy, it seems, has not escaped the political interference [imagine if politicians ran central banks] that has affected gold sales in Germany, France and Switzerland. The Italian parliament will consider a plan to use the Bank of Italy gold reserves to lift the country's economy, according to the parliament's finance committee chairman. These currently stand at 2,451.8 tonnes or 67% of its reserves. [U.S. gold reserves form 77.3% of their reserves – but the U.S. can print cash]

It is reported that Finance Minister Giulio Tremonti is considering a plan to cut Italy's huge debt and finance infrastructure projects. This amounts to dollar65 billion of value if the entire amount were sold. Previous attempts by European Union governments to use proceeds from central-bank reserve sales to support political goals have been met with resistance. We have little doubt that the same will happen with this plan. Of course, if Italy wanted to sell its gold for the purpose described in the announcement, they would do best to sell it direcly to China at one market related price. But the present reality is that this is a political ploy to gauge public opinion prior to a commitment being made in either case.

After all, dollar65 billion is just over the amount to bailout a couple of major banks, but not enough to resuscitate an ailing Italian economy. Once spent, the reserves are gone and the nation would have no credible backing to its economy going forward.

So we doubt at this stage whether this ‘plan’ will come to fruition.

Courtesy: www.theaureport.com
Gold Forecaster regularly covers all fundamental and Technical aspects of the gold price in the weekly newsletter. To subscribe, please visit www.GoldForecaster.com

ascentient
8th December 2008, 21:02
If this occurs it is nothing but a political ploy to get gold holders to sell on the domestic market. If the prices go down too much, it isn't hard to raise taxes on gold transactions once the average Joe has divested himself of all his holdings due to being overleveraged on credit card debt and seeing gold as a worthless asset relative to his cash flow needs.

This would put more gold on the market for governments to buy (both IMF gold and flaky "safe haven" investors) and simultaneously reduce the number of gold holders - this wouldn't be marketed in the media as a supply increase, but as a demand decrease.

There are so many angles here for the governments to win (in the short term) from this, that I wouldn't be surprised when it happens. The only way for us to win is to outstay them - to buy up as much as we can, prepared to wait 10 or 20 years for our returns if need be. If enough of us do that, the returns will come in a much shorter time frame. The governments of the world (China and Russia excepted, I think) have such a short term focus due to the enormous pressure on them that they just keep trying to keep the majority happy - which means keeping the dollar and Treasuries up, promoting a short term stock rally and slamming gold as a "logical" alternative.

Like I said some time ago - always bet against the government. They plan for the next 4 years, when we plan for the next 40.

Tribal Warrior
8th December 2008, 21:04
I bet someone a Large blizzard from Dairy Queen, that the IMF DOES NOT dump 3000 tonnes of Gold onto the market wednesday. If they did that, they'd destroy the USD basically within days. America would be rioting nationwide.

Now, if yall recall Russia in the past has threatened to dump Large amounts of gold onto the market to hurt out economy. I don't think they are threatening anything like that now. I don't think anybody is.

Heck the guy was saying short gold in the $400s, wth? He's broke and homeless at this point and can't buy that $40 oil he predicted or invest into the Dow at 8,900(where it's at today), why listen to him? LOL

goldragon
8th December 2008, 21:05
My head is spinning!

Like what was written in the article "If your head is spinning, please do not call the doctor just yet. My head is spinning, too."

I just can not stop the spinning of my head!

thowze
8th December 2008, 21:06
Bolser, based in Florida, says the International Monetary Fund will release the gold for sale on Wednesday, Dec. 10. The 64-year-old Bolser says the price of gold subsequently will slide as much as 40 percent – to $455 an ounce in coming weeks from its current $760 an ounce.

Also, (in the argument against a huge dump of PM), if anyone was trying to raise cash outside of desperation they would sell in smaller amounts as to not upset the market and get the most that they could out of it. I mean why sell in the neighborhood of an estimated $455 an ounce when you could sell in the $700's?

mizou
8th December 2008, 21:08
Whilst on the subject of PM, Gold, China's purchases etc.. it is quite an eye opener to view this situation from a Chinese perspective..

The following article is from People's Daily and here's some background on the publication, followed by an exerpt from the article..

With publication started in June 1948 and a current circulation of 3 million, People's Daily is among the most influential and authoritative newspapers in China. According to UNESCO, it takes its place among the world top 10.

Beware of the return of gold standard
16:23, December 03, 2008

Some opinions originated in the western hemisphere recently called for the rebuilding of the “New Bretton Woods System” that involved fixed exchange rates with the US dollar as the key currency, a return of the gold standard. Some US political figures and scholars gave enormous publicity to the idea during their visit to Europe, and they seemed to have won over part of the market.

As the US presidential campaign drew to an end, media also jumped on board the “gold standard” band wagon. An article by Walker Todd, research fellow for the American Institute for Economic Research (AIER) on the website Christian Science Monitor called for a return of “gold standard” in the US as means to tackle the financial crisis.

The comeback of “gold standard” ideology is not an accident, and it results in the lack of credit for US dollars. Consequently, financial strategists in the US set their eyes on the “gold standard” for the purpose of maintaining the US’ leading position in the global financial market. Its European allies, who believe that it is not wise to vie for No.1 spot with US, agreed with an attitude of being on an equal footing.

The material foundation for US and Europe to seek the return of “gold standard” is their large share of global gold reserve. According to the statistics released by IMF International Financial Statistics (IFS) in June 2008, global gold reserve totals 29,813.1 tons. The top ten gold holders are US, 8,133.5 tons, accounting for 27.28 percent of the world’s total, followed by Germany, 3,417.3 tons or 11.46 percent, while IMF is third with 3,217.3 tons or 10.79 percent. The rest on the list are France, Italy, Switzerland, Japan, the Netherlands, China and European Central Bank (ECB). China, ninth on the list, has 600 tons of gold reserve, only accounting for two percent of the world’s total.

With current global monetary conditions, financial experts in US and Europe are quite aware of the fact that the “gold standard” that is supposed to come back is not the previous one; instead, it will be a “fractional reserve system”. Under its framework, the gold reserve will indirectly affect the amount of currency circulated around the world, which would hamper the fast economic growth on the level of currency supply.

However, such a system could lead to following results:

In light of the economic slowdown in the US and Europe, the “fractional reserve system” could meet the currency supply in those countries, and would not hinder the development of their economy. However, for the emerging economies such as China and India, the lack of gold reserve could not meet the monetary supply of rapid economic development. It is an unfavorable choice to adopt such a global monetary system, which would restrain the amount of currency in circulation and hinder the development of economy and infrastructure in developing countries.

Additionally, the developing countries have to purchase gold with their foreign exchanges, and in that way, US and Europe could withdraw dollars and euros to protect their leading positions in international financial system. Such a move goes against the direction with which the international community wishes to initiate some substantial reform on the existing international financial system.

A debate by six Nobel Prize winners for Economics on the future of capitalism took place in Der Spiegel not long ago. Among the economic geniuses, only Joseph E. Stiglitz called for urgent attention to the interests of developing countries, and the new international financial system should also address that.

As the international financial meltdown becomes increasingly fierce, the international community needs to go hand in hand and build up a comprehensive monetary system to tackle the crisis. Some industrialized nations need to create an equal, just and orderly financial system with a win-win concept through abandoning the idea of benefiting themselves at other people’s cost, because it complies with the common interests of all developing countries.

By People's Daily Online

research24
8th December 2008, 21:34
This falls into the category of rumors. I seem to recall having read an article that stated that the IMF would require congressional approval to sell gold. Could be wrong though. Sky could fall, too.

skijake
8th December 2008, 21:37
I bet someone a Large blizzard from Dairy Queen, that the IMF DOES NOT dump 3000 tonnes of Gold onto the market wednesday. If they did that, they'd destroy the USD basically within days. America would be rioting nationwide.

Now, if yall recall Russia in the past has threatened to dump Large amounts of gold onto the market to hurt out economy. I don't think they are threatening anything like that now. I don't think anybody is.

Heck the guy was saying short gold in the $400s, wth? He's broke and homeless at this point and can't buy that $40 oil he predicted or invest into the Dow at 8,900(where it's at today), why listen to him? LOL


I'm going to take that bet but hedge it by shorting 1000 Medium Blizzards, meanwhile going long Dairy Queen Corp Double Long Fund {DQCDLF on AMEX} backdating outstanding warrants for AW and starting bankcruptcy proceedings against Burger King. Then, I'm going to------:p

cugir321
8th December 2008, 21:40
They've hidden stuff before....wouldn't be the first time.


This falls into the category of rumors. I seem to recall having read an article that stated that the IMF would require congressional approval to sell gold. Could be wrong though. Sky could fall, too.

hiyosilver
8th December 2008, 21:41
IMF sells, Central Banks buy.....sounds likes like to me it's just paper shuffling and media propaganda in an attempt to confuse the market of the real thing....I suppose alot of wimps will fall for that crap though and sell their stash too..................idiots

goldragon
8th December 2008, 21:46
This falls into the category of rumors. I seem to recall having read an article that stated that the IMF would require congressional approval to sell gold. Could be wrong though. Sky could fall, too.

24, we should sell the rumor and buy the news?

research24
8th December 2008, 21:47
We tend to forget about the constant ongoing disinformation campaigns by the "authorities".

Does the IMF even have 3000 tons. I don't think so, but I'll check..

research24
8th December 2008, 21:53
Okay, I checked. They have 3217 tons but they do not have the right to sumarily sell it as it belongs to member nations.

And by the way Jerome Corsi has been spreading the IMF gold rumor as far back as 2001. There are tons of articles about the IMF threatening to sell gold over the years.

All pure, unadulterated bull ****.

goldragon
8th December 2008, 21:54
We tend to forget about the constant ongoing disinformation campaigns by the "authorities".

Does the IMF even have 3000 tons. I don't think so, but I'll check..

24, that is a good question. Please let me know the results! thanks for the response!

research24
8th December 2008, 22:01
see anwer above

Frelodr
8th December 2008, 22:37
If that had been brought up for a vote in Congress --> you can bet we would have heard about it from Ron Paul. I do believe it's someones sick joke to freak people out. Wed will come and go and nothing. Lodr

SilverHawk
9th December 2008, 04:05
Seeing that any sales have to be authorized by the US Congress, this act would draw an incredible amount of anger from all over the globe towards the United States.

Bingo! Haven't heard we're authorizing the sale. Guy sounds like a quack.

augernaut
9th December 2008, 06:26
screw gold....silver is cheaper

goldragon
9th December 2008, 07:33
Okay, I checked. They have 3217 tons but they do not have the right to sumarily sell it as it belongs to member nations.

And by the way Jerome Corsi has been spreading the IMF gold rumor as far back as 2001. There are tons of articles about the IMF threatening to sell gold over the years.

All pure, unadulterated bull ****.

thanks for the checking.
it makes sense because of the following.
3,000 tones is 3,000,000kg or about 6,000,000 lb, 1 kilogram = 32.1507466 troy ounce, so you have about 100,000,000 oz, every American can buy 0.3 oz. that is about $250. how can they sell so much gold. are they crazy?

if anybody has common sense, then he or she will not believe!
it shoud be a rumor!!!!!

jechilt
9th December 2008, 21:34
is it possible there could be some truth to the article?

I have been digging around the IMF website and was reading the "Finance & Development, December 2008". ref: http://www.imf.org/external/pubs/ft/fandd/2008/12/blanchard.htm

It goes into how the global economy is in trouble and that they (the IMF) is best to monitor (oversee) the ride through and recovery from this crisis. If you ask me, it has a doom and gloom feeling, as it probably should.

Second to the last paragraph says

The crisis has also made clear the need for international liquidity provision. In the context of the current crisis, the need for such support has been addressed through ad-hoc bilateral swap arrangements involving a small subset of countries. Going forward, global liquidity provision can be improved either by increasing the resources that backstop the IMF's new Short-Term Liquidity Facility or by establishing a multilateral structure that would enable co-financing of liquidity provision by the IMF by other member countries and official creditors.
Info about the Short-Term Liquidity Facility can be seen here: http://www.imf.org/external/np/sec/pr/2008/pr08262.htm

Is it possible they are swapping currency/PM?

Does this make the article more possible now?

skijake
9th December 2008, 21:46
Jim’s Mailbox
Posted: Dec 09 2008 By: Jim Sinclair Post Edited: December 9, 2008 at 9:57 pm

Filed under: Jim's Mailbox

Dear Jim,

Can you comment on the rumor published on reliable sites that the IMF is going to pummel the gold market down to the $455 levels tomorrow at 12:22 PM?

CIGA Arlen


Dear Arlen,

That rumor is nothing more than RAVING BULLSHIT!

Jim

LETMYSILVERGO
9th December 2008, 21:52
Raving Bullshit! I Love That Term!!!!!!!!!!!!!!