US Treasury to support IMF gold sales if linked to cost-cutting, reforms

[formercia]

Source: fxstreet


Mon, Feb 25 2008, 15:04 GMT
http://www.afxnews.com

WASHINGTON (Thomson Financial) - The US Treasury, in a significant policy shift, has decided it will support gold sales from the International Monetary Fund's reserves if they are part of a package of cost-cutting and other reforms of the way the international financial organization operates.

Under Secretary for International Affairs David McCormick will lay out the details in a Washington speech later today. In a pre-address briefing for reporters, he said the Bush administration -- which had until now opposed selling IMF gold reserves -- would support a sale of the scale of roughly 8 pct of the IMF reserves or 12.9 mln ounces as part of a package of reforms which also included significant cost-cutting in IMF operations.

The proceeds would be used to create an endowment from which the income would be used to finance the IMF operations.

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Read more: http://www.fxstreet.com/news/forex-news/article.aspx?StoryId=62d86c6c-030f-438a-b649-07fbc877cc90

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Let the Great Gold Robbery begin.

"The proceeds would be used to create an endowment from which the income would be used to finance the IMF operations."


Give me a break!

[benld74]

1. And the price of GOLD goes DOWN! WHo sold short? Hands please!

[pattmarty]

2. This is just more of what Naomi Klein says in her book.

[formercia]

4. Pump and dump.

squeezing every drop of blood from the turnip before it rots.

[joeglow3]

3. dupe

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=3196954&mesg_id=3196954