G20 Supports IMF's Plan to Sell 403 Tons of Gold

peaceandlove · 04-04-2009, 07:47 AM

I wonder what Silverman would say about this?

G20 Supports IMF's Plan to Sell 403 Tons of Gold
Endorsement signals plan likely to be approved by member countries this year

By Moming Zhou, MarketWatch
Last update: 3:30 p.m. EDT April 2, 2009

NEW YORK (MarketWatch) - Leaders from the Group of 20 nations Thursday endorsed the International Monetary Fund's plan to sell 403 tons of gold to raise funds to support the world's poorest countries.

The announcement from G20 leaders helped add pressures to Thursday's gold trading. Gold futures fell $20.30, or 2.2%, to $905.80 an ounce in recent trading on the Comex division of the New York Mercantile Exchange. See Metals Stocks.

The G20 vowed in its statement to "use the additional resources from agreed IMF gold sales for concessional finance for the poorest countries." Read more on G20.

The endorsement suggests that the IMF's gold sales plan is likely to be approved by its member countries later this year.

The IMF has been planning to sell gold since as early as 2007 to diversify its revenues and strengthen its balance sheet. But the plan needs to be approved by an 85% majority vote from its 185 members.

The U.S., which has 17% voting power in the fund, essentially holds veto power. The U.S. government has informed the IMF that Congressional authorization by law is required before it is able to support the plan.

The U.S. Treasury announced last year that it will seek authority from Congress.

Hussein Allidina, an analyst at Morgan Stanley, said in a note Thursday that he expects the IMF to implement the sales over the next few years, "but do not believe that this presents a strong negative risk to gold prices - as it will be 'orderly' and maybe even off market."

Article continues: http://www.marketwatch.com/news/story/g20-supports-imf-plan-raise/story.aspx?guid={5ABAE8F2-060D-44BC-9905-EB79665AEACE}&dist=msr_1

Swanny · 04-04-2009, 08:49 AM

Illuminati freeing up more gold for themselves

Dominic · 04-04-2009, 11:57 AM

What a Tale that is.

Why do the lies continue?

04-04-2009, 07:47 AM	#1
peaceandlove Avalon Senior Member Join Date: Sep 2008 Location: Turtle Island Posts: 2,776	G20 Supports IMF's Plan to Sell 403 Tons of Gold I wonder what Silverman would say about this? G20 Supports IMF's Plan to Sell 403 Tons of Gold Endorsement signals plan likely to be approved by member countries this year By Moming Zhou, MarketWatch Last update: 3:30 p.m. EDT April 2, 2009 NEW YORK (MarketWatch) - Leaders from the Group of 20 nations Thursday endorsed the International Monetary Fund's plan to sell 403 tons of gold to raise funds to support the world's poorest countries. The announcement from G20 leaders helped add pressures to Thursday's gold trading. Gold futures fell $20.30, or 2.2%, to $905.80 an ounce in recent trading on the Comex division of the New York Mercantile Exchange. See Metals Stocks. The G20 vowed in its statement to "use the additional resources from agreed IMF gold sales for concessional finance for the poorest countries." Read more on G20. The endorsement suggests that the IMF's gold sales plan is likely to be approved by its member countries later this year. The IMF has been planning to sell gold since as early as 2007 to diversify its revenues and strengthen its balance sheet. But the plan needs to be approved by an 85% majority vote from its 185 members. The U.S., which has 17% voting power in the fund, essentially holds veto power. The U.S. government has informed the IMF that Congressional authorization by law is required before it is able to support the plan. The U.S. Treasury announced last year that it will seek authority from Congress. Hussein Allidina, an analyst at Morgan Stanley, said in a note Thursday that he expects the IMF to implement the sales over the next few years, "but do not believe that this presents a strong negative risk to gold prices - as it will be 'orderly' and maybe even off market." Article continues: http://www.marketwatch.com/news/story/g20-supports-imf-plan-raise/story.aspx?guid={5ABAE8F2-060D-44BC-9905-EB79665AEACE}&dist=msr_1

04-04-2009, 08:49 AM	#2
Swanny I dont need a label ! Join Date: Sep 2008 Location: The Shire of Wilt Posts: 2,889	Re: G20 Supports IMF's Plan to Sell 403 Tons of Gold Illuminati freeing up more gold for themselves

04-04-2009, 11:57 AM	#3
Dominic Avalon Senior Member Join Date: Sep 2008 Location: Edgewood, Wa. Posts: 302	Re: G20 Supports IMF's Plan to Sell 403 Tons of Gold What a Tale that is. Why do the lies continue?