IMF says any gold sales will only substitute for unsold central bank quotas

Section:

10:42p ET Friday, February 29, 2008

Dear Friend of GATA and Gold:

MoneyWeb editor Alec Hogg yesterday interviewed the chief spokesman for the International Monetary Fund, Masood Ahmed, and got what seems to be the most explicit assurance yet that any gold sales by the IMF would merely substitute for gold sales already authorized under central bank gold agreements and "not add to the volume of announced sales of official sources."

Of course no one connected with central bank gold policy is easy to believe. But the IMF spokesman's remarks add to suggestions that the Western European central banks that made the Washington Agreement on Gold are less inclined to keep selling their own gold and are trying to shift the burden of the gold price suppression scheme to sources of gold more associated with the United States, which holds a veto over IMF gold sales.

You can find Hogg's interview with the IMF spokesman at MoneyWeb here:

http://www.moneyweb.co.za/mw/view/mw/en/page55?oid=195417&sn=Detail%20li...

Or try this abbreviated link:

http://tinyurl.com/yqmrl6

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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