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Gold/Mining/Energy : Gold Price Monitor

GDXJ 108.29

-0.9%

Dec 1 4:00 PM EST

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To: Phil Jones who wrote (35562)	6/18/1999 7:59:00 PM
From: John Hunt	Read Replies (1) of 116790

North Korea accuses U.S. of trying to unleash new Korean War << North Korea accused the United States on Friday of trying to unleash a new war on the Korean peninsula by deploying advanced weapons and provoking South Korea to fire on North Korean naval ships this week. ''The touch-and-go situation is now created in the Korean peninsula where a war may break out any time,'' North Korea's U.N. Ambassador Li Hyong Chol warned in a letter to the U.N. Security Council ... more ... >> abcnews.go.com ***** << Could someone explain why the IMF is so intent on selling gold rather than simply giving out U.S. dollars? >> Hi Phil, As I understand it the gold is carried on the IMF books at $42 and when sold at say $260 gives them more bucks on the books to play with ... I also think that they operate like a regular bank and can loan out many times any increased amount of their reserves. (Not sure if this applies when the money is held in trust like this ... ie whether it is counted in the reserves) I think the interest on these 'trust funds' will probably be credited to payments on IMF loans outstanding, so it is really funny money accounting. If I am wrong, I hope someone will correct me. John

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