IMF keeps pretending it had to sell gold to help poor countries. ...

Section:

... as if its member central banks aren't in the business of just printing money.

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IMF to Use Windfall Gold Profit for Loans to Poor Members

By Sandrine Rastello
Bloomberg News
Friday, September 27, 2012

http://www.bloomberg.com/news/2012-09-28/imf-to-use-windfall-gold-profit...

WASHINGTON -- The International Monetary Fund said today it agreed to distribute $2.7 billion in windfall profits from gold sales to subsidize loans to poor countries.

The IMF's 188 members will receive a payment in proportion to their weight within the institution, the IMF said in an e-mailed statement today. As a pre-condition, countries must give assurances that they'll make at least 90 percent of the $2.7 billion available to a trust fund that lends to low-income countries at zero interest rates.

... Dispatch continues below ...



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"The strategy endorsed today by the executive board ensures the IMF is better positioned to help our low-income members absorb future shocks and underpin their efforts to achieve stronger and sustainable economic growth," IMF Managing Director Christine Lagarde said in the statement.

The gold sales took place in 2009-2010 as part of the fund's plan to shore up its finances. It brought in about $3.8 billion more than expected because of higher than anticipated gold prices.

The IMF already agreed to use about $1.1 billion of windfall profit through the same process, and member countries are close to giving assurances they will distribute 90 percent from that round to poor countries, according to the statement.

* * *

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Prophecy Platinum Intercepts Best Pt+Pd+Au Grades Yet
at Wellgreen Project in Yukon Territory: 5.36 g/t

Company Press Release
Tuesday, September 11, 2012

VANCOUVER, British Columbia -- Prophecy Platinum Corp. (TSX-V: NKL, OTC-QX: PNIKF, Frankfurt: P94P) announces more results of its 2012 drill program on the company's fully-owned Wellgreen platinum group metals, nickel, and copper project in southwestern Yukon Territory, Canada. Four surface holes and four underground holes all intercepted significant mineralized widths, ranging from 28.5 meters (WS12-201) and up to 459.5 metres (WS12-193). Highlights include WU12-540, which returned 8.9 metres of 5.36 grams per tonne platinum, palladium, and gold; 1.73 percent copper; and 1.01 percent nickel within 304.5 meters of 0.66 g/t platinum-palladium-gold, 0.20 percent copper, and 0.27 percent nickel.

The surface drill program started in June and has completed 16 holes (assays pending for 12 holes) with two rigs now on site. The surface program continues to progress at a steady pace.

Prophecy Chairman John Lee commented: “Wellgreen is a very large nickel, copper, and platinum group metals project with near-surface high-grade zones. High-grade intercepts will be incorporated into resource modeling and mine planning in the pre-feasibility study. We expect further positive drill results from Wellgreen shortly.”

Wellgreen features a low 2.59-to-1 strip ratio, is situated at an altitude of 1,300 meters, and is only 15 kilometers from the two-lane paved Alaska Highway. Those factors significantly minimize the project's indirect costs.

For the complete company statement with full tabulation of the drilling results, please visit:

http://prophecyplat.com/news_2012_sep11_prophecy_platinum_drill_results....