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IMF Declines Comment on China IMF Gold Purchase Rumor

danmand

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Nov 28, 2003
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IMF Declines Comment on China IMF Gold Purchase Rumor – Kitco News
The International Monetary Fund (IMF) said it had no comment on a rumor that China is the buyer of the remaining 191.3 tons of gold the IMF is selling.

Alistair Thomson of the IMF's Press Office told Kitco.com that the agency does not comment on speculative stories, calling this a "sensitive area" of discussion.

The unconfirmed rumor was based on Russian news reports and some sources said it boosted gold futures prices.

In his daily commentary, Jon Nadler, Senior Analyst for Kitco Metals Inc. wrote, “According to the Russian FinMarket news Agency, Chinese officials have confirmed the intention for China to buy the remaining 191.3 tones of IMF gold that are still for sale. The rumors have however not yet been confirmed. “

The IMF announced the sale of its remaining 191.3 tons to the open market in mid-February. Reportedly the IMF couldn't sell its gold to central banks like China and India, traditional big buyers, so it had to resort to the open market.

In September 2009, the IMF announced an intention to sell 403.3 tons of gold; India, Mauritius and Sri Lanka purchased close to 212 tons by the end of the year.
 

hinz

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Nov 27, 2006
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Though you cannot rule out the Chinese make the purchase, India makes more sense when it comes to gold purchase from IMF.

If my memory serves me right, China has very substantial number of gold mines available for extraction. They even have People's Armed Police/Paramilitary Unit dedicated to protect these strategic assets.

The Chinese do not have any urgent needs to purchase gold, especially when the European countries could unload more gold to bail out the PIIGS and the Americans do the same to fix their huge deficits. No need to rush when there're more coming....

In the meantime, the CIC did invest a tiny portion of their foreign reserve on GLD, an ETF that many Gold bugs or actively managed precious metal funds manager consider a ponzi..for different reasons. :rolleyes:
 

danmand

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Nov 28, 2003
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PRAVDA - 25.02.2010

China has confirmed the intention to purchase 191.3 tons of gold fromthe International Monetary Fund at an open auction, Finmarket newsagency said.

World central banks started to increase their gold reserves after priceson gold began to climb in 2001. The IMF sells gold within the scope of aprogram to diversify sources of income and achieve an increase inlending.

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

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

“Chinese officials have confirmed previous announcements from IMFexperts and said that the purchasing of 191 tons of gold would not exertnegative influence on the world market. China is interested in thedevelopment of the domestic consumer market,” the agency reports…
 

Dragon.i

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Jan 10, 2010
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Though you cannot rule out the Chinese make the purchase, India makes more sense when it comes to gold purchase from IMF.

If my memory serves me right, China has very substantial number of gold mines available for extraction. They even have People's Armed Police/Paramilitary Unit dedicated to protect these strategic assets.

The Chinese do not have any urgent needs to purchase gold, especially when the European countries could unload more gold to bail out the PIIGS and the Americans do the same to fix their huge deficits. No need to rush when there're more coming....

In the meantime, the CIC did invest a tiny portion of their foreign reserve on GLD, an ETF that many Gold bugs or actively managed precious metal funds manager consider a ponzi..for different reasons. :rolleyes:

China may not have any urgent need for gold, but it is a way to diversify it's foreign reserves US$ holding by buying commodity - i.e. gold.
 
Ashley Madison
Toronto Escorts