Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: d:oug who wrote (50502)	3/18/2000 8:09:00 AM
From: Gord Bolton	Respond to of 116815

Does anyone have a good handle on the complete transaction between the IMF and Brazil involving Gold being shuffled back and forth during December? Was Brazil selling gold in the futures market as opposed to the spot in December? Press Release No. 99/48 September 30, 1999 International Monetary Fund 700 19th Street, NW Washington, D.C. 20431 USA IMF Board of Governors Adopts Resolution on Off-Market Gold Sales The Executive Board of the International Monetary Fund (IMF) is considering conducting off-market transactions of up to 14 million fine ounces of gold. On the basis of market prices, the IMF will sell gold to some central banks of member countries with repayment obligations to the IMF, on the understanding that these central banks will use the gold to make the repayment. These transactions will allow the IMF to place an amount of the sales proceeds equivalent to SDR 35 an ounce in the general resources account, and the balance in the Special Disbursement Account for investments benefitting the ESAF-HIPC Trust. A resolution adopted by the Board of Governors today indicates: "that off-market transactions of up to 14 million ounces of gold by the IMF that are envisaged will be a one-time operation of a highly exceptional nature that is part of a broader financing package to allow the IMF to contribute to the resolutions of the debt problems of the HIPCs at the turn of the millennium and to the continuation of concessional operations to support countries' efforts to achieve sustained growth and poverty reduction." imf.org Earlier in December, the IMF Executive Board took the decisions necessary to enable the IMF to begin to make its contribution to the enhanced HIPC Initiative, and the first off-market gold sales were completed on December 14 and December 17 (See Press Release No. 99/57 and News Briefs No. 99/84 and 99/86). -------------------------------------------------------------------------------- 1 The HIPC Initiative entails coordinated action by the international financial community, including multilateral institutions, to reduce to sustainable levels the external debt burden of heavily indebted poor countries that pursue IMF and World Bank-supported adjustment and reform programs, but for whom traditional debt relief mechanisms are insufficient. imf.org For more information, see Brazil and the IMF News Brief No. 99/77 November 29, 1999 International Monetary Fund 700 19th Street, NW Washington, D.C. 20431 USA IMF Completes Brazil Review and Approves Next Credit Tranche The Executive Board of the International Monetary Fund (IMF) today completed the fourth review under the Stand-By credit for Brazil. As a result, Brazil will be able to draw up to the equivalent of SDR 3,419.01 million (about US$4,694 million) from the IMF. imf.org Disbursements and Repayments imf.org Canada supports gold sales to enable the IMF to make a contribution to the financing of the ESAF/HIPC fund. At the same time, Canada, as a major gold producer, supports the agreement that has been secured on a way to accomplish this in a manner that will avoid significant disruption to private gold markets. imf.org