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To: TobagoJack who wrote (60167)	2/7/2005 10:43:28 PM
From: orkrious	Read Replies (1) \| Respond to of 74559

what about gold 1000+?

To: TobagoJack who wrote (60167)	2/8/2005 5:48:34 AM
From: elmatador	Read Replies (1) \| Respond to of 74559

If gold reserves will be sold is going to be to cut the European countries' deficit. No auction of 3G spectrum his time around (Recall €100bn bubble time) They don't want to sell state-owned enterprises because emans unpopular job cuts on a scale never ever seen. (See EDF in France for instance). No to tell the tru that they are today where Bazil was in 1994 (minus hyper-inflaction, they want to golden the pill with the bullshit debt relief. We have a scam on the making. Gold Published: February 7 2005 13:46 \| Last updated: February 7 2005 13:46 John Maynard Keynes thought the link between monetary reserves and gold was a “barbarous relic”. Has the International Monetary Fund finally found some common ground with the great economist? At the IMF's next meeting in April it will consider selling down its gold reserves, using any proceeds to provide debt relief for poor countries. The fund owns 10 per cent of global official reserves or 2.5 per cent of total above-ground stocks. This is equivalent to a year's demand (which is mainly driven by jewellery). Despite this, bullion hoarders should not panic. First, the three largest government gold owners the US, France and Germany control 28 per cent of the IMF's votes, more than enough to block an aggressive sale. Second, the policy may be inefficient, since under IMF statutes 13 per cent of any proceeds must be spent on capital repayment. Third, the IMF must consider the impact of a price slump on poor gold producing countries such as Ghana and Mali. South Africa has emphasised this as a condition of its support. Any sell-down will be orderly a smaller version of the agreement between Europe's central banks, which limits their sales to 500 tonnes, or under 1 per cent of world stocks, annually. And, if the IMF needs buyers, it might consider China and Japan. Each has under 2 per cent of their bloated foreign exchange reserves in gold compared with 55 per cent for France. Gold is a dated currency. But as a way of diversifying out of a wobbly dollar, it might still glister. By the way the biggest wayo of all will be exganhe of emission rights. That one makes Y2K and spectrum auctions look like child's play.