Thursday, April 16, 2009

China and India want the IMF to sell its gold

I found this article by KA Badarinath (on as a cross-posting on Bloomberg News... so I'm assuming it's credible.

India and China may press for the sale of the entire gold reserves of the International Monetary Fund (IMF) to raise money for the least developed countries.

The IMF holds 103.4 million ounces (3,217 tonnes) of gold that, if sold, can fetch about $100 billion.

Interesting. The article mentions the stated intention of India and China - to help poor people. But I doubt that's the only intention. This would also impact the "basket of currencies" that's being promoted by China, Russia and (when he's being surprisingly candid) the US Treasury Secretary - and CFR Globalist - Tim Geithner.

Tim White

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