Wheels Group Inc GRFJF

IMF Gold Sales Attract Large Buyers

[SimplyTheFacts]

IMF Gold Sales Attract Large Buyers, Gives China Dollar Diversification Opportunity Author: Jim Sinclair Dear CIGAs, China has a trillion dollars in reserves, wishes to offload dollars, and this is a perfect fit. The year of the Rat is a year of opportunity for some. Any sales of gold have nothing to do with the market for gold, as not one ounce will ever see the free market. The buyers will be gold-poor central banks. The history of IMF sales in the 70s is that all the sales did is allow huge buyers to enter the market at one price. That attracts the major buyers. The OTC derivative market is $516 trillion, dwarfing $92 billion. In today's FUBAR worldwide financial world the total of $92 billion is chump change. One large banking entity could easily loss $92 billion on failed derivatives in the final analysis. The article is designed to make a mountain out of a mole hill. I do not think the following means a damn thing to the gold price trend. The only important fact is that the IMF just demonstrated its total lack of financial sense as it might only hold depreciating paper promises to pay nothing at all backed by nothing whatsoever. Selling of gold like this only occurs in bull markets and has historically been useless to stop the price increase. In fact these sales helped the price of gold higher by facilitating demand from huge interest in the 70s and even more so now. COT could try to make this look serious, but it is not. This has Chung Phat and Dr. No high-fiving as this indicates the price of gold is not even half way to its upside resting point. This was true in the 70s. Finally those that control Black Gold also control Gold Gold. Those that you feel have caused the problem and are anti gold are NOT. To know this you need only the eyes to see and the ability to connect the dots. This will be looked back at as great for the price of gold, as was the case in the 70s when the same entity, the IMF, proposed and did the same thing, only to stop before the buyers took all their gold. The same will happen if they even start. Note that the proposed sales come when the US Economic rescue plan is to occur. The reason is clear.