You are here

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

Section: Daily Dispatches

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:

Or try this abbreviated link:

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

* * *

Join GATA here:

GATA Goes to Washington -- Anybody Seen Our Gold?
Thursday-Saturday, April 17-19, 2008
Hyatt Regency Crystal City, Arlington, Virginia

* * *

Help Keep GATA Going

GATA is a civil rights and educational organization
based in the United States and tax-exempt under the
U.S. Internal Revenue Code. Its e-mail dispatches are
free, and you can subscribe at

GATA is grateful for financial contributions, which
are federally tax-deductible in the United States.