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To: Davy Crockett who wrote (27)	5/16/2007 8:56:37 PM
From: Andrew	Respond to of 118

The craziest thing is that the Golds are going opposite right now and have been for a while.

To: Davy Crockett who wrote (27)	5/17/2007 12:43:38 PM
From: kirby49	Read Replies (1) \| Respond to of 118

Peter: FWIW IMF still eyeing gold sales Email Print Normal font Large font May 15, 2007 - 3:59AM Advertisement AdvertisementThe International Monetary Fund is still considering whether to sell 400 tonnes of its gold stocks to help plug a widening income shortfall, the head of the global lender, Rodrigo Rato, says. The IMF announced on January 31 that it was considering recommendations by an independent panel, including the sale of gold, after demand for IMF financial assistance has almost dried up, prompting an income shortfall of $US165 million ($A198.54 million) for fiscal 2007. The IMF forecast that income gap would widen further to about $US224 million in the next fiscal year. "If the fund is to remain effective and legitimate, it must be properly financed," Rato, the IMF's managing director, said in text prepared for a speech to British members of parliament. "I will make specific proposals based on the report (of the panel) over the next few months," Rato said, listing gold sales among the measures under consideration. The gold sale is one of several measures recommended by the committee that included former US Federal Reserve Chairman Alan Greenspan. The 400 tonnes of gold represents about one-eighth of the IMF's 3,217 tonnes (103.4 million ounces) of gold stocks, and it is worth about $US68.4 billion at current market prices of around $US669.00 an ounce. © 2007 Reuters, Click for Restrictions thenews.com.pk Credit derivatives DUBAI: Financial market turbulence could hurt global economic expansion and credit derivatives may spread risks from crises such as US mortgage defaults, the International Monetary Fund’s chief said on Tuesday. Rising defaults in the US sub-prime mortgage sectors and a steep decline in Chinese stocks in February triggered a capital flight from global equity markets in the first quarter, although most markets have since recovered their poise. “Global economic fundamentals are strong and underpinned by several years of robust growth,” IMF Managing Director Rodrigo Rato told a conference in Dubai. “But there has been some turbulence in financial markets recently, which could have implications for the global economy,” he said. Troubles in the sub-prime mortgage market in the United States remained a concerned, especially with the growth of the credit derivatives market, which Rato said could spread risk from the banking sector. “There are concerns that the deterioration in the credit quality in the sub-prime mortgage market in the United States could spill over to other markets or affect other sectors of the economy,” he said. “There has. been an acceleration in the globalisation of financial institutions in recent years. While this contributes to the stability of the individual institution, it may present a potential contagion risk due to linkages between markets and activities.”