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Gold/Mining/Energy : Gold Price Monitor

GDXJ 114.87

+3.6%

Dec 11 4:00 PM EST

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To: Gabriela Neri who wrote (15784)	8/12/1998 8:57:00 PM
From: PaulM	Read Replies (2) of 116814

Secretary Rubin recently said an IMF gold sell off would send the wrong message to the markets. Specifically that it would give the impression of "selling the family silver." As in that article I posted a while back, the US$ is a world reserve currency and the IMF helps maintain that. Therefore, IMF will not sell its gold during a global monetary crisis (except to another CB or govt) but will encourage other countries to do so (again with obvious benefits for the $). E.g., with the CDN $ tanking against the $US, and having sold its gold, how will Canada defend its currency when it runs out of US $ reserves? No choice but to borrow dollars US. Which must be repaid.

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