China To Purchase Half of IMF's Gold

english.pravda.ru...

Quote from source:
China has confirmed the intention to purchase 191.3 tons of gold from the International Monetary Fund at an open auction, Finmarket news agency said.

World central banks started to increase their gold reserves after prices on gold began to climb in 2001. The IMF sells gold within the scope of a program to diversify sources of income and achieve an increase in lending.

The IMF announced an intention to sell 403.3 tons of gold in accordance with the adequate decision made by the board of directors of the fund in September of 2009. India, Mauritius and Sri Lanka purchased about 212 tons of the amount at the end of 2009. India purchased most – 200 tons.

China’s interest in international trade is connected with the development of the nation’s economy, as well as with the growing consumer demand in the country.

“Chinese officials have confirmed previous announcements from IMF experts and said that the purchasing of 191 tons of gold would not exert negative influence on the world market. China is interested in the development of the domestic consumer market,” the agency reports.

Most of Chinese citizens believe that investing in gold jewelry is a good way to avoid inflation, Rough & Polished agency said.

The IMF has received the profit of $7.2 billion from gold sales. A part of the funds is to be used for crediting poor countries.

I like the end of the story because I doubt the IMF is giving any "poor" country any money.

How come everyone is buying gold but U.S. and Canada, what is going on here?

Any thoughts?

Pred...

China is now the largest gold producer in the world, and has been for quite a while, displacing South Africa.
And NONE of this Chinese gold is available for export.
Similar situation in Russia, they too are mining gold like crazy, paying the Russian mines world price, but keeping all their gold inside Russia.

Anyone with half a brain can see what is coming.

I just have this very very very precognition of what happened in the past. Anyone else remember what happened the last time gold prices skyrocketed?

History tends to repeat itself. Plans within plans.

Either there really is gold in fort knox, or we are so screwed that not even a burning rope could save us. Makes me not want to think of the future and just go back to sleep.

Im pretty sure the article is poorly phrased and the amount China is buying is only half of the amount being AUCTIONED and not half of the IMF Gold Reserves. According to Wikipedia, 3,000 tonnes.

Either way an important transaction. One might ask themselves why an international organization has enough in gold to feed millions of people.

reply to post by Moonsouljah


But you can't feed people gold, now, can you?

Gold is not a good store of wealth. The only real stores of wealth are land and capital. We should not be concerned about anyone hoarding gold. We should be concerned about how much goods we are able to produce.

If China's buying a large chunk of IMF's gold, HOW WILL TOM CRUISE BE ABLE TO ATTAIN FUNDING FOR ALL THOSE MISSIONS OVER SEAS?

THE IMPOSSIBLE MISSION FORCE IS SCREWED!!

I would trade a goldbar for a small slither of land, that can grow crops and raise cattle.

when im starving and thirsty, gold will be nothing but a hassle.

reply to post by Grumble

The IMF also packages its assets into the Special Drawing Rights which in many ways are an already operational one world currency. What its worth is to you or I is somewhat irrelevant if they use it to mandate how things operate in their monetary world. We're not bartering tubers here. They own the land and if not their money was used to buy the deed.
They quite literally have the capacity to raise up or let suffer countries.




[edit on 25-2-2010 by Moonsouljah]

I've read recently , that China is Encouraging their citizens to buy gold.

That struck me as odd at the time.

reply to post by Sean48


Sean, they have been doing that for at least a year now.

reply to post by Sean48


That has been an agenda for years now. Indians are really good savers also allegedly on account of heirloom jewelry being valued. I suppose I'd trust a Chinese more than an American to save away for rainy days. Or not. Who knows.

Originally posted by endisnighe


Sean, they have been doing that for at least a year now.

LOL, I'm a slow reader.

Ty sir.