China reported to be buying IMF gold

Stacy Summary:  h/t Phil/Germany

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72 Responses to China reported to be buying IMF gold

  1. Uimhir a haon!

    Whos suprised about china buying that gold – not maxkeiser.com.

  2. Happy days

  3. They will be buying it with dollars I assume.

  4. Has anybody noticed the IMF has used to opposite policy on gold as they probably advised everybody else, which is accruing it and not selling it before?

  5. GGGOOOOOOOOOOOOOOLLLDDDDDDDD

    Can’t find any other confirming sources…

  6. Dear Stacey,

    Riiiiiise up….buyyyy GOOOOOLD!!!!!

  7. http://goldnews.bullionvault.com/IMF_gold_bubble_022520102

    “The IMF didn’t get any bids for its latest offer to auction 191.3 tonnes of the remaining gold that it wants to sell.”

  8. I assume they:

    (1) Paid in USD

    (2) The gold was physical bullion

    (3) Price manipulation to stop

    Hope GATA comments…….

    Cheers

  9. you mean tungsten…no?

  10. We need some confirmation…

  11. was gonna post the new keiser report but better leave that for stacy. ;-)

  12. @Danny ,..I like this comment from that article,..

    “Recall the ridicule still being heaped (and rightly so) on UK prime minister Gordon Brown who, while still Chancellor of the Exchequer, managed to sell half Britain’s gold stash at the very bottom of the market? You have to admit it takes real talent to be that stupid.”

    As if he didn’t know what he was doing,..yeah righteo ! : )

  13. @Stacey and Max

    Random, but i thought that this was an important article in case you missed it. Pangalos is right. You should read Inside Hitler’s Greece by Mark Mazower. The Germans still owe us.

    http://online.wsj.com/article/SB10001424052748703510204575085822102779364.html

  14. i'm Alan Partridge

    Hmmmm, very interesting.

    I was in Beijing a couple of weeks back. Next to Oriental Plaza there is a large store set out over 5 or 6 floors, the ground floor has the pm dealers. A stones throw from there is another dept store again with pm dealers on the ground floor. I wanted to get a 1oz silver Panda as a keepsake but the cheapest i could find was 400 Yuan, approx £40. The gold bars otoh were being sold 2-3% above spot.
    Beijing Int Airport has a gold shop too, displaying a 400 oncer in its window along with two lumps of rock with gold running through them, very pretty, got a few sneaky photos!

    In Doha (Qatar) airport they sell gold there also, a 1 once bar of fine gold retails at £1010, quite a premium!

  15. This is a nice transaction for both parties, because China has got something to base their currency on, and it does not prevent the US from continuing to manipulate the gold price to their benefit..

  16. I like this part:

    ” purchasing of 191 tons of gold would not exert **negative** influence on the world market.”

    No, I would suspect that actually it would **positively** influence the gold price, ie upward.

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  18. BREAKING NEWS

    Aliens purchase all US Gold reserves…take gold to moon.

    No confirmation, questionable source. May or may not be true…

  19. I’m still not buying anymore gold at these levels. Maybe I am wrong but I am speculating!

  20. hyuk hyuk…aliens got stuck with tungsten…they will not be happy :-) )

  21. Seems like everyone who buys gold does a Soros first:
    “China unlikely to buy gold from IMF: Official”

    http://www.chinapost.com.tw/china/business/2010/02/25/245886/China-unlikely.htm

  22. BREAKING NEWS

    Gold taken to moon, causes orbital imbalance

    Moon to crash into Earth, end all life 2012

  23. The Gold price, in USD will go up eventually…
    http://www.youtube.com/watch?v=Jq1ZqUObtPk

  24. We’re relying on Russian Finmarket news and not an official annoucement from China: I wouldn’t run with the rumour until it is confirmed by a secondary source.

  25. The best is depleted uranium specially if you are preparing a third world war.

  26. I’ve heard very little speculation about the PIIGS’ gold – Greece has a wad and Italy a super wad – will they be selling soon?

  27. @snoot – buy on rumor, sell on history

    and the news source is Pravda; and the title is ‘reported’

  28. I won’t believe it until Soros denies it…

  29. Pravda is a circus rag.

  30. @Stacey:
    Good rule is a secondary source: but one may speculate concerning the weather.

  31. @Febo – Italy has a lot of gold at almost 2500 tonnes, but Greece has only just over 110 tonnes, which is a huge percentage of their reserves, but in absolute terms it isn’t much

  32. It takes 2 acids to dissolve Gold, but the process can be a bit slow :
    http://www.youtube.com/watch?v=iwnKU89CCdI

    When you paint Gold on to ceramics, it comes via a modified paste of these acids…

  33. “Chinese officials have confirmed an interest in purchasing the 191 tons of IMF gold currently on the block”

    Above from Zero.

    Since when is a confirmed interest a confirmation?

    I confirm that I’m interested in skydiving, but I haven’t taken the plunge yet and most likely won’t.

  34. HAHA Snoots .. I promise to look into that…

    Greece plays the “Nazis took our gold and Germany owes us card…

    Germany rejects it ,

    Germany parries Greek broadside over Nazi occupation

    * Germany stole Greek gold and never returned it – Pangalos

    http://www.reuters.com/article/idUSLDE61N1SR20100224?type=marketsNews

  35. ” The IMF, which will likely see a significant funding need shortly as it commences to bail out PIIGS by peripheral PIIGS, is likely running out of time with gold sale posturing and will need to find a purchaser who can take the entire amount asap.”

    Zero also indicates that the IMF is to bail out Greece: but this is not confirmed, and the context is extremely offensive (slopping pigs).

    IMF has a 100B line of credit from the US. Austrian chancelor indicates that the IMF funds will be combined with EU funding: but no confirmation:

    http://www.guardian.co.uk/business/2010/feb/11/eu-summit-greece-bailout-imf

    “Papandreou told Le Monde that he did not expect the International Monetary Fund would have to become involved in the rescue. The Austrian chancellor, Werner Faymann, though, predicted that IMF funds would make up a significant part of any bailout, along with loans from European Union members.”

  36. The gold bars otoh were being sold 2-3% above spot.

    What are you trying to say? That the store should not charge its operational costs to the consumer? That the owner should skip his vacation so you can buy at the spot price?

  37. @snoot – well, you can start your own site for your own good rules; that’s the beauty of capitalism, you are free to start your own site where you see failure; this is a story that we at this site are following here and we wish to report that it is being reported in Russian media; if it offends you, go somewhere else; and the link to a pravda story you gave as ‘news’ is not, in fact, ‘news’ but a profile

  38. @Stacy

    I don’t think anyone is criticizing your posting of this, it is news whether true or not. All media has an element of propaganda. Individuals can make up their own minds…

  39. @Stacey:
    So you are indicating that you consider the Pravda rumour ‘news’?

    Are you asking me to leave, Stacey? Won’t y’all miss me?

  40. I take the lingering silence as a confirmation of disinterest rather than a confirmation. But seeing as I’m standing in the way of the commerce of conversation, I will wing my way to another perch. Here’s an interesting quote concerning men and power. One dare not hope for more than the understanding of the true application within the phraseology:

    “Power tends to corrupt, and absolute power corrupts absolutely. Great men are almost always bad men.”

    http://www.phrases.org.uk/meanings/288200.html

  41. @Snoot. your not quitting again? ;-)

  42. @ronron

    She has left to open a Snooters franchise in Florida

    Bernanke live CSPAN

    http://cspan.org/Watch/Media/2010/02/25/HP/R/30001/Congressional+Hearings+On+Capitol+Hill.aspx

  43. @WL. our gold is up and the us dollar is up. can’t afford anymore. let her rip. hiho silver. hope @Snoot comes back. Snooters franchise. hahaha ;-)

  44. deja vu….again

  45. Also from Pravda (ie “Truth”) .. “Aliens Land In Russia!”

  46. Y’know.. the problem around here is ya can’t edit or delete stupid stuff that one puts in spur of the moment. Like me.. I said something about aliens BEFORE reading the preceding comments, so what was meant to be merely an amusing reposte now looks like an old fool weighing in on an issue. But nay, it isn’t so!

    Actually I read Pravda at the end of a working day when I desperately need some amusement from the kicks and arrows of outrageous fortune. I like the funny cat pictures and stuff.

    Are the Chinese buying gold? Yeah. We knew that.

    Is Prava more or less a Russian tabloid? Yeah. So what.

    I Snoot insulting Stacy? I hope not. But if so.. Stacy’s right: ya don’t like the rules, piss off. Start your own house of cards.

    Building a website is no big deal. I’ve built hundreds of ‘em. A fucken monkey could do it now. Now like when you had to actually be a coder. Jeebus, children do it now. Go on over to Blogs-R-Us like ten million other faux geniuses. Join the “Blogosphere”. (Max: why didn’t you copyright that when you had the chance, dude?)

    Now, that I’ve managed to offend nearly everyone, I think I’ll pour me another drink.

  47. Sorry, ya’ll. I’m off, but I forgot my sunglasses somewhere…oh, there they are! Right next to the p’s and the q’s. Be sure to mind them: cause there are rules.

    “Are the Chinese buying gold? Yeah. We knew that.”

    The Chinese are diversifying into sdr: the Chinese are not planning on exiting the international financial order and would prefer to retain sdr as it will enable ‘exorbitant privilege’ under the new reserve system: if you had the choice you would choose sdr as well, but you don’t. The policy of the central bank of China is immune to rumour. The policy has been made plain by Zhou in numerous writings.

    “I Snoot insulting Stacy?”

    I have never insulted Stacy except by mispelling her name by accident and also by some rhetorical spoofs which I thought she might enjoy. I thought Stacey liked feedback other than “like Max’s tie” or “you look cold in that photo”.

    “ya don’t like the rules, piss off. Start your own house of cards.”

    I would hope this line does not indicate that the site is not allowing open discourse. I have not ‘broken any rules’, indeed I have maintained a high degree of standards in my writing here and not resorted to name-calling or ridicule unless it is in answer to SG alias Supergeek in which case I consider graffiti a form of art.

    As for Pravda: it makes good bird cage liner.

    ;)

    (Snooters franchise was already taken, so snoots is spending time canoeing in the ‘sea of grass’ and plotting a novel in which a certain geek is left on a small swamp atoll with no cell phone and numerous mosquitoes…reality is a bit like fiction)

  48. GRAND SATAN thinking of buying massively physical silver.

    http://www.runtogold.com/2010/02/goldman-sachs-buying-silver/

    Satan’s envoy accumulatin silver.

  49. As Jung pointed out anything that has a mythic dimension will always re-assert itself in the real world if the ego attempts to repress it. Gold is emerging as some kind of judgement of history, a refutation of a mass illusion, of a psychic epidemic of blind over-confidence. We’d more or less declared ourselves too clever, too knowledgeable to fall into old traps. Yet here we sit with our heads in our hands wondering how we ever got so completely corrupt.

  50. @Frances,…tell us where you hang out,..so we don’t loose ya,..I’m sure “most” of us gain loads from your insights,….keep it up girl!,…: )
    http://www.youtube.com/watch?v=aIrCFrFpHvw

  51. ya @Snoot. get the fuck back here. ;-)

  52. i'm Alan Partridge

    @ martijn, not at all, everyone who is a merchant has to make a profit to stay in business.

    Its all just anacdotal as i visited there and just thought i would share.

  53. @frances snoot

    I think you deserve the price of honor to be the most articulate about things on this blog indeedy.

  54. Why would the IMF sell Gold like this if they weren’t up to something?

  55. @Youri:
    Thank you!

  56. @Y’all

    Haven’t catched the exact dispute but Stacy is right in to say if you don’t like leave or don’t read it.

    But to have some dissident voices over time on this blog makes it a better one. I am not a narcissistic person. Frankly a lot of times I don’t know how to cope with compliments but compliments to people are very important too.

    It’s all about balance I think.

  57. What’z the IMF up to, Youri?

  58. @frances snoot

    Think they are not gonna sell any gold anymore after this. This is only to get some cash and to try to puch the gold price down which only will have a very temporarely effect. What else they are up too? Well the old stuff of world government etc.

    Why the IMF’s supposed gold sales don’t mean much 17 February 2010 (GATA) http://www.gata.org/node/8340

    IMF should hold large amount of gold: WGC 21 February 2010 (CommodityOnline) http://tinyurl.com/ye46qq8

  59. Thanks Youri.
    I don’t know but I will research in time. Its all a bit ‘Shadow Banking’ to me.
    These are just rhetorical questions really.
    Where did the IMF Gold come from and is it theirs to sell?
    Who the hell are they and who gave them the gold in the first place?
    Does this ‘physical gold’ exist or are they just selling it in the media and not in reality?
    Did the MIF get Gold from many countries, now they sell it back to them? Good work if you can get it.
    Its hard to invest when there is so much blah blah out there (not here).
    Thanks to Phil as well, always informative and relevant :)

  60. The UK sold all that cheap bullion at multi decade lows. Duplicitous market making and the surge of technology aided collusion which now has gone global has made pre-arrange trades a daily occurrence. I am sure who ever pushed for the sale will be compensated well. The damage being done by these financial terrorist is not reversible. We will need a total overhaul of the system that takes in consideration the new technology involved in the transfer of money and the level of communicability available now to anyone. By the time the tea parties are over and the legislative process takes place in the US It will be way too late. But then again they know this.

  61. @ Snoot
    get back here
    Who ta F23k is causin ya a downer
    Let me @ ‘em
    Hic ;-)

  62. ROFL
    @ Stacy below ta belt hun toot toot
    Hic ;-)

  63. Damn I was playin Poker last night
    Hic ;-)

  64. Spade is a spade tats wat tis site is all about
    Hic ;-)

  65. Frances Snoot

    anagram

    Scent Of Arson

  66. Creative Destruction Engineering

    Max Keiser Stacy Herbet

    anagram

    A breach merits sexy trek