The Bush administration is backing a plan for the IMF to sell off some of its gold.
The Bush administration recently announced it supports sales of as much as 12.9 million ounces, recommended by Andrew Crockett, former head of the Bank of International Settlements of IMF gold stocks
The IMF, which in view of the current surplus of funds most nations have, is becoming largely redundant and is having a hard time keeping its head above water these days.
It tried to get approval, first in 1999, and then again in 2005 to sell some gold to cover its losses, but was knocked back both times. US Congress demanded then that the IMF puts its house in order before it sells off the family jewels.
But these days the El President Bush rules the administration, so it is likely the IMF will get the go ahead in the next couple of months and sell off almost 13 million ounces in the hope that it will stave off a flagging economy, or at least the appearance of one.
If IMF do sell gold, it will be but a hiccup. This small amount of gold the IMF is contemplating selling could easily be gulped down by China without even a burp.
You know what they say. You will be assimilated. Resistance is futile. Nothing, not even selling off the IMF crown jewels, can save this paper economy.
Gold is money! Buy Gold!