re: IMF gold sales
NICE POST!
Some things we (Ron, Hutch & LTCM) need to take away for this article:
<< The United States signaled its support for the notion last week when Vice President Al Gore said in Davos, Switzerland that he hoped the sale of "a small portion of the IMF's gold reserves" could go ahead this year.
The sources, who asked not to be identified, said no date had been set for the International Monetary Fund's board to meet to discuss selling part of the IMF's 103 million ounces of gold reserves, although some said further discussions were likely in the coming months.
Gold sales would need the backing of member countries holding 85 percent of the votes at the international lending institution, and a decision would also have to be approved by the U.S. Congress, which stalled for months last year on approving extra funding for the cash-strapped IMF. >>
"small portion of" "103 million ounces of gold reserves"(potential gold investors note a small % of a small amount) before sale would also "need the backing of member countries holding 85 percent of the votes at the international lending institution" & " be approved by the U.S. Congress". This issue can not even come to a vote if it is wished by the IMF and Al Gore if the Congress leadership does not allow it.
The V.P. has no power at this point and he has no control over Congress. There are(or were) 23 gold producing states in the U.S. even are more than 1/2 with a positive commodities, South African(race based), or labor union bias. Lastly, the Congress(both houses) work for us, we and the miners are starting from an angry position, and can prevent any IMF sale from happening. When one adds in the part of Congress with desire fo Russia to be able to pay it's own way no sale is possible.
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