Alex,
IMF selling their gold to help the needy!
I don't think so.
The 100M ozs or so of the yellow metal that was worth about $30B US a few days ago, is worth only about $29.5B today, as the POG fell $5 on the rumors of the potential sale.
At $200/oz, the IMF hoard would be worth only $20B, hardly enough to help Russia, leave alone, Brazil, Venezuela, Mexico, etc. etc.
Don't you think that if the IMF was ever to sell any, they would drive the price skyhigh before selling? Maybe that is the plan.
BTW, lending billions to these countries WILL not help avert the coming global recession/depression. What will help is higher commodity prices, as these countries rely heavily on these for their economic output. If the commodities are in a downward spiral, they will not be able to buy anything from the western world. The western aid will just go to bail out big banks that have loaned big.
Heard of too much wealth disparity between the have and have-not countries?
Cheers, Lalit |
