FMI , reparle à nouveau vendre ses réserves d'or

Putain les cons !
Je mets tt tant cela me parait sidérant ...
Rajouté en parallele le fait que l eco Us resiste hyper bien ; enfin c que les stas disent ...
Bref 400 tonnes ... ca en fait ...
et en plus ca risque de se faire vite ...

Citation :

AFP le 31/01/2007 21h29
Le FMI invité à puiser dans son or pour assurer son avenir

Le logo du Fonds monétaire international
© AFP/Archives

Le Fonds monétaire international (FMI), en difficultés financières, a été invité mercredi par un comité d'experts prestigieux à puiser dans ses réserves d'or pour assurer son avenir.

Ce collège de personnalités nommées par le FMI, parmi lesquelles l'ancien président de la banque centrale américaine Alan Greenspan et le président de la Banque centrale européenne (BCE) Jean-Claude Trichet, a suggéré entre autres mesures la vente de 400 tonnes d'or détenues par le FMI, soit 6,6 milliards de dollars en valeur.

Même "si le Fonds ne connaît pas de crise financière, il est important d'engager bientôt l'élaboration d'un nouveau modèle de revenu", a averti le chef de file de ce comité, Andrew Crockett, le directeur général de la Banque des règlements internationaux, lors d'une conférence de presse.

Ces experts, dont les recommandations sont unanimes, ont été nommés en mai 2006 pour identifier des sources alternatives de financement au Fonds, qui se rémunère aujourd'hui exclusivement grâce aux prêts qu'il consent.

"Lorsque l'économie mondiale ne va pas bien, le Fonds doit prêter de l'argent, en pleine crise, et se trouve convenablement doté de ressources, mais lorsqu'il a réussi à stabiliser l'économie mondiale, alors il manque de ressources", a fait remarquer M. Crockett.

Le FMI, dont les clients sont de moins en moins nombreux, prévoit un déficit de revenus de 105 millions de dollars en 2007 (exercice clos fin avril). A l'horizon 2010, ce trou s'élevera à environ 365 millions de dollars, ont calculé les membres du comité.

Les propositions de ces experts forment un "ensemble" de recommandations "interdépendantes", visant à assurer les finances du Fonds sur le long terme, a indiqué M. Crockett.

Elles s'appuient sur un recours plus large à l'investissement des réserves de l'institution financière internationale et une facturation de son assistance technique.

Leur mise en oeuvre est susceptible d'accroître de 630 millions de dollars par an ses ressources annuelles, selon un calcul effectué par l'AFP sur la base du rapport.

La plus visible consiste dans la vente de 12,43% de ses réserves en or qui se montent à 103,4 millions d'onces (3.217 tonnes) d'une valeur de marché de 67 milliards de dollars. Le placement du produit de cette vente pourrait générer 195 millions de dollars de revenus annuel, selon le rapport du comité.

Cette proposition, jugée "possible et appropriée", par M. Crockett, doit encore être examinée par la direction du Fonds et son conseil d'administration.

Elle a été accueillie favorablement par le directeur-général du FMI Rodrigo Rato mercredi : "ma position personnelle est que c'est un ensemble équilibré", a-t-il dit, ajoutant qu'il "appartenait désormais aux différents pays membres de prendre position".

M. Rato, qui a ajouté qu'une première discussion en conseil d'administration mercredi l'avait convaincu du fait que les administrateurs pensait que ces questions "devaient être réglées", a indiqué qu'il n'était pas en mesure de donner le calendrier d'une prise de décision.

Les Etats-Unis avaient dans le passé manifesté leur opposition à toute cession d'or par l'institution financière internationale, notamment en raison de l'impact d'une telle transaction sur les cours du métal jaune.

"Le comité a pris grand soin d'élaborer un dispositif qui ne déstabilise pas le marché de l'or", a répondu M. Crockett qui suggère notamment que l'opération soit consolidée dans les ventes d'or annuelles des banques centrales mondiales.

suite post de la file suivante

Citation :

la vente de 400 tonnes d'or détenues par le FMI, soit 6,6 milliards de dollars en valeur.

et là le 6 6 c un hasard de plus ??
purée ............

Central banks must be running low: IMF talks gold sales again

Submitted by cpowell on 12:59PM ET Wednesday, January 31, 2007. Section: Daily Dispatches
3:57p ET Wednesday, January 31, 2007

Dear Friend of GATA and Gold:

The central banks must be running low on gold, for today the International Monetary Fund piped up with another gold-selling scheme, maybe because the IMF's 3,217 tonnes of gold can be considered the gold of no one in particular and so may be easier to part with.

Just perfectly, the IMF committee whose report recommends selling gold was chaired by Andrew Crockett, president of JPMorgan Chase International, the great gold shorter for the central banks and formerly director general of the Bank for International Settlements, the great coordinator of the central bank gold-price suppression scheme, as acknowledged in June 2005 by the BIS' own William S. White, head of the bank's monetary and economic department:

http://www.gata.org/node/4279

It's not hard to tell which is the more powerful institution: the BIS, any of the central banks that are members of the BIS, the IMF, any of the governments that are members of the IMF, and JPMorganChase. In the IMF's statement today MorganChase is given practically sovereign status:

http://www.imf.org/external/np/sec/pr/2007/pr0718.htm

Let's hope the IMF sells ALL its gold, not just a few hundred tonnes, and is emulated by all the central banks. When they're out of the market, there won't be enough zeroes to put behind the gold price.

Bloomberg's story about the IMF statement is appended.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

* * *

IMF Should Sell Some Gold
to Cover Losses, Panel Says

By William McQuillen
Bloomberg News Service
Wednesday, January 31, 2007

http://www.bloomberg.com/apps/news?pid=20601068&sid=aGA4cC3CPQKY&refer=e...

WASHINGTON -- The International Monetary Fund should sell some gold to cover losses, said an advisory panel that includes former Federal Reserve Chairman Alan Greenspan and European Central Bank President Jean-Claude Trichet.

The Washington-based IMF could sell 400 metric tons of gold, valued at about $6.6 billion, and invest the proceeds in interest-bearing assets, the panel said in a report released today. Sales should be handled in a way that avoids "disturbances" in the gold market, a press release said.

Gold sales are part of a package of measures intended to reduce the IMF's dependence on the interest it earns from loans to member nations. The fund projects a loss of about $102 million this fiscal year after countries including Brazil and Argentina repaid loans early.

"If adopted, the measures would set the fund's finances on a sustainable basis, and ensure a solid foundation for the fund's important role in the international community," panel chairman Andrew Crockett, president of JPMorgan Chase International, said in a statement.

The IMF would earn about $195 million a year by selling a portion of its total holdings of 3,217 metric tons and investing the proceeds, the report says.

Gold futures for April delivery rose $6.80, or 1.1 percent, to $657 an ounce at 1:06 p.m. on the Comex division of the New York Mercantile Exchange. Prices earlier reached $660.70 an ounce. Before today, gold was up 14 percent in the past year.

The contemplated volume of gold sales is "huge, but it's going to be sold piecemeal over years," said Michael Guido, director of hedge-fund marketing at Societe Generale SA in New York. "It's not going to have an immediate impact on prices."

IMF Managing Director Rodrigo de Rato, who appointed the eight-member advisory panel, has already started discussing the recommendations with the fund's executive board, according to the press release. Formal proposals will be submitted in coming months, it said.

Gold sales would require the approval of member countries including the United States, which has a veto over IMF decisions. A Treasury Department spokesman couldn't immediately be reached for comment.

The IMF has sold gold before. The most recent sales took place between 1976 and 1980, when the fund unloaded 50 million ounces following an international agreement to reduce the role of the metal in the global monetary system.

The panel also recommended investing some of the money contributed by member nations, known as "quotas," broadening existing investments, and charging members for advisory services.

Founded at the end of World War II to promote global economic stability, the IMF keeps a watch on the currency, trade and economic policies of its 185 members and makes nonbinding recommendations for improvement.

The fund also provides low-cost loans to countries in financial need on the condition that borrowers undertake economic policy changes such as adjusting their balance of payments or reducing inflation.

The other members of the committee are Mohamed El-Erian, chief executive of Harvard Management Co.; South African Reserve Bank Governor Tito Mboweni; Bank of Mexico Governor Guillermo Ortiz; Hamad Al-Sayari, governor of the Saudi Arabian Monetary Agency; and Zhou Xiaochuan, governor of the People's Bank of China.

* * *

Jim Sinclair: Any IMF sales will be great for gold

Submitted by cpowell on 02:06PM ET Wednesday, January 31, 2007. Section: Daily Dispatches
From Jim Sinclair's MineSet
Wednesday, January 31, 2007

http://www.jsmineset.com/

Dear Mr. Sinclair:

Can you comment on the Bloomberg article about the possible gold sales by the International Monetary Fund? It sounds innocuous enough and the experience of 1976-80 certainly does not cause any alarm, but you know better than I what the perception and effect on the price of gold from this article would be given the people making the recommendation and the actuality if it comes to pass.

Best regards,

Jerry L.

* *

Dear Jerry:

Any gold sold by the IMF or any central bank will never see the market.

Historically such sales, even if they appear to be related to the market, are in fact made to other central banks.

With almost every central bank wishing to diversify its reserves and with gold clearly as a performing asset, selling all the IMF gold would be easy because of central bank interest.

The selling of gold by the IMF was the most bullish thing that happened for the 1968-1980 bull market. This is because it allows major players to enter the gold market in large lots at one price and free of commission.

Should the IMF decide to sell gold, it is a bullish, not a bearish event. Only the announcement of such an event could impact the not knowledgeable, and even that would last only a very short time.

This is true for all the above reasons and because the cash market for gold has overtaken the paper gold market.

Regards,

Jim

tiens .. ça m'aurait étonnée .. faisait trop longtemps qu'ils étaient muets sur le sujet
les commentaires se rejoignent ...tant sur la nature des décideurs ( le boss de JPM .. on croit réver !! ) que sur les conséquences si cela se faisait .. en définitive ...

et surtout ce que raconte Sinclair est interessant ... l'or du FMI rejoindrait les stocks des BC et non le gold market ..
voir aussi l'impact des ventes FMI lors du bull 1968-1980

Citation :

The selling of gold by the IMF was the most bullish thing that happened for the 1968-1980 bull market. This is because it allows major players to enter the gold market in large lots at one price and free of commission.

bon évidemment les effets d'annonce ( que ça se fasse ou non d'ailleurs ) ne vont pas aider sur le CT...mais ça durera pas longtemps ..

un avis suppémentaire .. qui confirme ce qui est dit précédemment ...

http://www.fnarena.com/index2.cfm?type=dsp_newsitem&n=7BAE3DD5-17A4-1130-F5DFD3EE8C20AB29

et mieux encore !!

Blanchard & Co. research note: IMF can't scare gold anymore


Submitted by cpowell on Thu, 2007-02-01 17:12. Section: Daily Dispatches
By Neal R. Ryan
Blanchard & Co., New Orleans
Thursday, February 1, 2007
Gold is breaking out of a range between $640-650. We should see prices continue rising toward to the $680 range with little resistance and then need a new period of consolidation before setting off to challenge the May 2006 highs of $730.
So the big news out yesterday after the FOMC non-event meeting was the recommendation from the International Monetary Fund's panel of distinguished current and former central bankers calling for the IMF to sell 400 tonnes of gold to help plug the IMF's operating budget deficits. There are a number of reasons why this probably won't happen, but should it still come to pass, it will give the gold market yet another bullish signal on prices.
1. The U.S. Congress would have to approve the move by the IMF because the United States has ultimate veto power over IMF decisions. Congress can't agree on anything currently and might be as partisan a group of lawmakers as has ever existed in the United States. Don't expect anything to happen any time soon from this group.
2. Every time a budget gap needs to be filled, education programs need to be funded, health care initiatives need funding, etc., the IMF gold sale idea is trotted out. The IMF's gold reserves should be viewed as an ultimate insurance policy against global fiscal crisis, not a piggy bank to be broken open repeatedly to help bridge funding gaps. What happens if the IMF does start using gold reserves to pay for ordinary budget deficits and a global currency crisis is repeated in Asia? There was no mention yesterday of cutting IMF spending or reviewing budget expenses. The gold sale recommendation is the lazy way to solve the problem of operating budget gaps.
3. The last time the IMF sold gold reserves was 1976-1980. The all time price high for gold was achieved in 1981. Similarly, when the Bank of England sold 400 tonnes from 1999-2001 and the Bank of Australia sold significant gold reserves in 2000-2001, these were the signals of a gold market bottom.
4. More than likely, any IMF gold will not actually hit the market but will be sold directly to a large central bank looking for significant reserve diversification while bypassing regular market trading fees. China, anyone?
5. The committee mentioned that if the gold sales were to take place, they would be spread out over a considerable period and would stay confined to the quotas of the Central Bank Gold Agreement.
So don't expect to see the IMF selling gold any time soon, and if there even are any sales, they will be done in such a way as to never even hit the open market, not auction-style like the Bank of England's gold sales.
Finally, following Peru's notice to the market that gold production had fallen in November 2006 by 24% was a note out yesterday saying that Peru expected to see gold production falling 13% in 2007. The first, third, fifth, and sixth top gold-producing countries have put out figures that have continue to show slumping gold mine production. Bullish!

IMF would sell gold because European central banks won't anymore

Submitted by cpowell on 06:50PM ET Wednesday, January 31, 2007. Section: Daily Dispatches
By Michael Kosares
Centennial Precious Metals, Denver
http://www.usagold.com/
Wednesday, January 31, 2007

I don't think we are going to see any sale of gold by the International Monetary Fund. It looks like the Central Bank Gold Agreement's inability to reach the 500-tonne quota for the 2006 agreement year (only 350 tonnes were sold) left more of an impression than any of us realized.

The IMF's Committee of Eminent Persons, which interestingly included the head of the Chinese central bank and former Fed Chairman Alan Greenspan, is saying essentially that the IMF "could" supply the shortage left if the Central Bank Gold Agreement can't meet the 500-tonne allotment in the future. This translates to market neutral because, theoretically, whether the IMF sold gold or not, no more than 500 tonnes would go on the market over the CBGA year.

It seems that the gold banking system needs roughly 50 tonnes of gold liquidity each month to keep from locking up. There is a natural deposit attrition rate in the gold banking business. In the natural flow of things, individuals and entities request their gold deposits back, and somehow 50 tonnes seems to get the job done. That 50 tonnes has to come from somewhere, and lately the European Central Bank system has been stepping up when the liquidity gets tight -- as the gold supplier of last resort. It may that the European banks have signalled their intent to withdraw further from the CBGA allotments (maybe France is about to back out of sales?), and the IMF group is trying to fill the gap.

And maybe more depositors might want their gold back, since many of them are stretched Third World banks and depositors from places like the Persian Gulf and fewer central banks are willing to part with their gold.

At any rate, it's an odd assortment of "eminent persons" in this IMF group, and we should take note of its composition: Andrew Crockett, former director general of the Bank for International Settlements and currently president of JPMorgan Chase International; Mohamed A. El-Erian, president and CEO of Harvard Management Co.; Greenspan; Tito Mboweni, governor of the South African Reserve Bank; Guillermo Ortiz, governor of the Bank of Mexico; Hamad Al-Sayari, governor of the Saudi Arabian Monetary Agency; Jean-Claude Trichet, president of the European Central Bank; and Zhou Xiaochuan, governor of the People's Bank of China.

You can always tell that Greenspan has had a hand in the festivities when you read sentences like the following: "The limited sale of fund gold should be ring-fenced to exclude further sales and subject to strong safeguards to limit their market impact."

There is no doubt in my mind that China would like to see the IMF sell ALL its 3,217 tonnes of gold, particularly if China might become a primary recipient. Without any fanfare China would happily write the check for all 3,217 tonnes. Otherwise, I can't imagine why the Chinese central bank might have been included on this IMF committee, unless it was to demonstrate that the system is at least trying to get them some gold. Perhaps the Harvard Management Co. is thinking similarly (smile).

To round this off, we should remember that the last time British Chancellor Gordon Brown tried to get his hands on the IMF's gold, he was stopped dead in his tracks by the U.S. Congress. This new attempt to shake loose the IMF's gold may be happening because the new Congress might be more amenable than the last.

From the view of these "eminent persons," it's at least worth a try. But they may be in for some rough sledding. Key Democrats were opposed to the last IMF gold sale proposal because suppression of the gold price meant reducing the income of Third World gold-mining countries. That's probably why this IMF committee assiduously addressed the price-suppression concerns. We should remember that the United States holds virtual veto power over IMF actions. We'll see if Congress is more amenable this time around, but we have our doubts.

lol ... ils s'y mettent tous ...today ... et ... ça ne marche pas !! Gold MONTE

Gordon Brown, Trichet , l'ineffable Jessica Cross ( pour le WGC ) et Goldman Sacks y vont de leur couplet

celui de TRICHETest particuliérement désopilant !!
_______________

source midas, Adrian Douglas



Bill,
Looks like you will need to dust off the GATA rockets!
The Cabal is going to be desperate for its next move. I thought I might help them out by suggesting some headlines they can use
"IMF to sell ALL their gold – A spokesman today said gold had gone nowhere and was still stuck at $42/oz where it has languished for years. The IMF said the funds will be used to finance a big party and the rest will be invested in performing assets like General Motors and Fannie Mae"
"Bank of England to sell ALL its remaining gold – Gordon Brown today announced that he has authorized selling all of the little bit of gold at the B.O.E. that has not been loaned out or swapped provided that Tony Blair gives him a life peerage. He said that if he were a member of the House of Lords he would dedicate his efforts to voting for any bill that would bring debt relief to the poor people of Africa"
"Jessica Cross calls market top in gold – Jessica Cross of "Virtually No Metals" said today that she doesn’t see the attraction of gold at these levels because it’s not worth the paper it’s printed on"
"Mine Output increases to create gold glut-The World Gold Council warned that the sudden increase in gold prices has prompted miners to boost production and they now foresee a glut in gold supply"
"Goldman Sachs says Indian Brides Will Choose Gold ETF over Jewelry- Goldman Sachs today said that they expect Indian brides to want to differentiate themselves from American rappers and not wear gold jewelry and opt for Gold ETF instruments instead"
"ECB says it will meet its WAG2 Quotas – In a stunning announcement the ECB said the reason that they were not meeting their quotas in the WAG2 Agreement is because they didn’t want to harm gold prices. They said that if gold price can manage to hang in there without the need for Central Banks to nurture it higher then they would consider selling 400 tonnes of gold on the evening of the last day of the WAG2 year in the ACCESS market. Jean-Claude Trichet said they were making this announcement to increase the transparency of the gold market"
Cheers
Adrian

_______

plus le couplet du président FMI lui même , Rodrigo Rato

IMF could sell some gold to boost income -Rato

BRUSSELS, Feb 9 (Reuters) - The International Monetary Fund could sell a limited amount of its gold reserves as part of a wider solution to its "flawed" income system, the IMF's Managing Director Rodrigo Rato told Reuters on Friday.

Rato referred to a report by a panel of eminent officials which suggested that the global financial institution could sell some gold to help put its finances on a more sustainable footing.

"I have received that document. It's a very important document. It has a clear message that the actual income system is flawed and should be reviewed," he said.

Rato was visiting the European Parliament on his way to a meeting of finance ministers of Group of Seven major industrialised powers in Essen, Germany.

"The new income system should have multiple sources of income and one of them could be an endowment created by a limited amount of gold sales," he said.

But any sale should only be part of a wider solution to its revenue sources and should not disrupt the gold market, he said.

At the moment, the IMF makes most of its money by lending to countries that get into difficulty. But strong global growth in recent years has seen these revenues shrink, and the IMF projects a funding shortfall of $105 million in fiscal 2007.

The United States and Germany have in the past opposed sales of IMF gold reserves as a way of boosting its ability to lend to countries in difficulty, while France and Britain have been more open to the idea, diplomats said.

_______

et notre bien aimé Paulson qui en rajoute !

PAULSON SAYS U.S. STILL IN LISTENING MODE ON POSSIBLE GOLD SALES TO FUND IMF

les commentaires de Julian Philiips sur ce sujet
ici et il nous promet encore mieux ds son prochain édito.. notamment une revue détaillée des ventes précédentes du FMI et les cq sur le cours du spot ...

mais si vous avez lu les articles précédents et consulté un graph .. vous aurez compris que ces ventes n'ont pas fait reculer le cours du spot .. !

je vous rappelle celle ci de Sinclair

Citation :

The selling of gold by the IMF was the most bullish thing that happened for the 1968-1980 bull market. This is because it allows major players to enter the gold market in large lots at one price and free of commission.

"Trichait"...c'est marqué dessus au moins
pas de surprise