SeekrBrnEvryMin
3rd June 2009, 21:57
Been reading some commentary on recent IMF gold sale. Seems significant that it requires US Congressional approval AND coincides with US Treas Sec Geithner meeting with Chinese debtors.
Also posited as significant is that much of the gold up for sale isn't .999 bars, it's old melt from US coin. Maybe, maybe not. But apparently, US gold reserves haven't been audited since the Eisenhower administration.
All these articles lead me to believe that a connection exists between this IMF gold sale and China's nervousness about the US willingness to dilute her debt obligation to China.
I imagine that US is throwing a golden bone to China as a measure of good faith, with assurances (a la Bernacke's remarks today) of beefing up the USD.
Thoughts?
Also posited as significant is that much of the gold up for sale isn't .999 bars, it's old melt from US coin. Maybe, maybe not. But apparently, US gold reserves haven't been audited since the Eisenhower administration.
All these articles lead me to believe that a connection exists between this IMF gold sale and China's nervousness about the US willingness to dilute her debt obligation to China.
I imagine that US is throwing a golden bone to China as a measure of good faith, with assurances (a la Bernacke's remarks today) of beefing up the USD.
Thoughts?