The Casey Files
About Those Proposed IMF Gold Sales
........."In the first instance, the amount should be limited to the 400 tonnes I mentioned without envisaging any additional sales.
"Secondly, the sales should take place within the existing Central Bank Gold Agreement [CBGA], that is to say it would not be additional to sales already programmed by central banks, but would be accommodated by reductions in the amounts of gold that central banks might sell under the [CBGA].
"And thirdly, we have emphasized that the sale should be undertaken in a very careful way in terms of their periodicity amounts and manner of sale such as not to disturb the market." ....
......First, it's not the IMF's gold. The metal belongs to the depositor nations, the largest of which is the U.S. We the taxpayers own that gold, and thus have a very real interest in what happens to it.
Second, the IMF is prohibited from trading in gold. Its bylaws state that it does not "have the authority to buy gold," nor may it "engage in any other gold transactions - such as loans, leases, swaps, or use of gold as collateral."........
.....Then there's the China factor. Analyst Michael Kosares, writing on USAgold.com, says that, "There is no doubt in my mind that China would like to see the IMF sell all its 3,217 tonnes of gold, particularly if China might become a primary recipient. Without any fanfare China would happily write the check for all 3,217 tonnes. 
Otherwise, I can't imagine why the Chinese central bank might have been included on this IMF committee, unless it was to demonstrate that the system is at least trying to get them some gold.......
.....Finally, it is important to keep the relatively miniscule amount of gold sales we are talking about in perspective. In an era where over $1 trillion in derivatives 
trade globally each day, $6.6 billion in sales is just not that much money when compared to potential investor demand once the U.S. dollar goes into the free fall that Doug Casey, among others, now believe is imminent.....
full story: http://www.321gold.com/editorials/casey/casey021207.html
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