IMF sells 191 tons of gold to China

[Rocky_Shorz]

Who said there wasn't any gold left to find?

World central banks started to increase their gold reserves after prices on gold began to climb in 2001. The IMF sells gold within the scope of a program to diversify sources of income and achieve an increase in lending.

The IMF announced an intention to sell 403.3 tons of gold in accordance with the adequate decision made by the board of directors of the fund in September of 2009. India, Mauritius and Sri Lanka purchased about 212 tons of the amount at the end of 2009. India purchased most – 200 tons.

China's interest in international trade is connected with the development of the nation's economy, as well as with the growing consumer demand in the country.

"Chinese officials have confirmed previous announcements from IMF experts and said that the purchasing of 191 tons of gold would not exert negative influence on the world market. China is interested in the development of the domestic consumer market," the agency reports.

Most of Chinese citizens believe that investing in gold jewellery is a good way to avoid inflation, Rough & Polished agency said.

The IMF has received the profit of $7.2 billion from gold sales. A part of the funds is to be used for crediting poor countries.

http://metalsplace.com/news/articles...gold-to-china/

[Rocky_Shorz]

naaa this shouldn't affect the world markets...

[peaceandlove]

Bob Chapman has been mentioning this would happen soon.

Now China's talking gold down, maybe wanting to get more cheap

Submitted by cpowell on Tue, 2010-03-09 Section: Daily Dispatches
China Cautious on Gold Buying

By Aaron Back
The Wall Street Journal
Monday, March 8, 2010

http://online.wsj.com/article/SB1000...11062192079093...

BEIJING -- China's chief foreign-exchange regulator suggested the country's appetite for further gold purchases may be limited and offered soothing words about China's role as an investor in U.S. Treasurys.

"Gold is not a bad asset, but currently a few factors limit our ability to increase foreign-exchange investment in gold," said Yi Gang, director of China's State Administration of Foreign Exchange. He said gold doesn't offer good long-term returns due to price swings.

China rarely reveals its thinking on its investment of its foreign-exchange reserves, which at $2.4 trillion is the world's largest. The issue of China's gold holdings has been highlighted since the global financial crisis as the dollar's movements have prompted academics and officials outside SAFE to recommend more diversification of China's reserves from U.S. Treasurys.

Continues: http://www.gata.org/node/8411

[Rocky_Shorz]

or it could be read a different way that they are pushing down treasury prices by saying they are declining to buy further into US Debt...

According to an insiders report from Shanghai while the news have been reporting the abandoning of US treasures they are at a record buy up right now in the market...

It's very interesting but one thing we all understand if the news channels are telling us one thing, do the other...

It is how insider info is being passed around the globe

[peaceandlove]

Look like China has bought their gold.

Spot Gold Prices Up on Interest Rate View or CHINA'S PURCHASE IS FINALIZED...

By Andrea Tse 03/16/10 - 02:29 PM EDTAdd Comment
Stock quotes in this article: SVM , PAAS , HL

NEW YORK (TheStreet) -- New York spot gold prices are rising in midday trading following declines in the dollar ahead of the expectation that the Federal Reserve will not be hiking up interest rates at this stage of the game, as well as on ongoing concerns about global credit problems.

Spot gold prices are rising by $14.60, or 1.3% to $1,123.40 an ounce.

Continues with Gold Chart: http://www.thestreet.com/story/10704...rate-view.html