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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Alex who wrote (35558)	6/18/1999 7:50:00 PM
From: Phil Jones	Read Replies (3) \| Respond to of 116790

Could someone explain why the IMF is so intent on selling gold rather than simply giving out U.S. dollars? Selling gold seems "dumb" from 2 aspects: (1) the more gold offered for sale, the lower the POG goes, the less one gets for the gold; and (2) at least some of the nations getting the proceeds are gold producers whose mines become uneconomic with the lower POG. Selling gold to help the poorer nations seems to be a "loony-toony" policy. Has anyone heard of a rationalization for it? The gold being sold isn't just a freebie sitting on the shelves of the IMF countries. It forms a part of the assets on the balance sheet of each country. U.S. $$ bills could just as easily be given out by each country, as far as the effect on their balance sheets. Why was gold picked on?