Geithner pushing for IMF to 'mobilize' gold

[blazespinnaker]

http://bloomberg.com/apps/news?pid=2...sVg&refer=home

The Obama administration soon will also push Congress for legislation that allows the IMF to “mobilize” its stockpile of gold, Geithner said today. Congress would need to approve the IMF funding expansion, although it wouldn’t count against the budget deficit, he said.

This could result in significant downward pressure on the price (or, has it already?)

[santafe2]

Re: Geithner pushing for IMF to 'mobilize' gold

http://bloomberg.com/apps/news?pid=2...sVg&refer=home

The Obama administration soon will also push Congress for legislation that allows the IMF to “mobilize” its stockpile of gold, Geithner said today. Congress would need to approve the IMF funding expansion, although it wouldn’t count against the budget deficit, he said.

This could result in significant downward pressure on the price (or, has it already?)

In my experience over the last 8-9 years the announcement always comes after the action. BoE did this several times during the early run-up in price. So far, it has only served to create buying opportunities for long term investors.

[Mega]

Re: Geithner pushing for IMF to 'mobilize' gold

They are not going to sell what they are going to need!

Mike

[LargoWinch]

Re: Geithner pushing for IMF to 'mobilize' gold

IMF is having a "store sale"? Awesome. I am buying! and so is Jim Rogers

That is if China does not get there first.

All this in the background of shortages at the US mint for proof coins (silver in this case - but shortages nonetheless):

http://www.coinnews.net/2009/03/09/2...uspended-4781/

[thisandthat.nowandth]

Re: Geithner pushing for IMF to 'mobilize' gold

http://bloomberg.com/apps/news?pid=2...sVg&refer=home
The Obama administration soon will also push Congress for legislation that allows the IMF to “mobilize” its stockpile of gold.....

This could result in significant downward pressure on the price (or, has it already?)

I researched this issue in early 08, and was able to locate a chart showing the correlation between IMF Gold sales of the late 70's, and the advancing POG.

Sinclair' take: http://www.gata.org/node/5988

[jtabeb]

Re: Geithner pushing for IMF to 'mobilize' gold

http://bloomberg.com/apps/news?pid=2...sVg&refer=home

The Obama administration soon will also push Congress for legislation that allows the IMF to “mobilize” its stockpile of gold, Geithner said today. Congress would need to approve the IMF funding expansion, although it wouldn’t count against the budget deficit, he said.

This could result in significant downward pressure on the price (or, has it already?)

See, you let the Chinese buy 400 tons of Gold and they play nice with the rest of their treasury holding. A little gold love goes A LONG WAY!

[blazespinnaker]

Re: Geithner pushing for IMF to 'mobilize' gold

What would you rather have:

The US Military

or

The Chinese Military + the world gold reserves?


You can't eat gold, you can't fight with gold, you can't even put gold in your car. It's pretty useless.

While I am no fan of might makes right, trust me, might != gold. Might == guns.

[strittmatter]

Re: Geithner pushing for IMF to 'mobilize' gold

What would you rather have:

The US Military

or

The Chinese Military + the world gold reserves?


You can't eat gold, you can't fight with gold, you can't even put gold in your car. It's pretty useless.

You were saying??????????????

[FRED]

Re: Geithner pushing for IMF to 'mobilize' gold

[audrey_girl]

Re: Geithner pushing for IMF to 'mobilize' gold

interesting....

btw doesn't the us govt have 8000 tons stockpiled in Fort Knox and with the fed. Timmy would know this - so why do they want to mobilize someone else's (IMF) gold. Don't they already have enough gold to "mobilize" on their own...

odd

[Supercilious]

Re: Geithner pushing for IMF to 'mobilize' gold

interesting....

btw doesn't the us govt have 8000 tons stockpiled in Fort Knox and with the fed. Timmy would know this - so why do they want to mobilize someone else's (IMF) gold. Don't they already have enough gold to "mobilize" on their own...

odd

How much gold has the US government stockpiled and what is its value at the current spot price?

[metalman]

Re: Geithner pushing for IMF to 'mobilize' gold

How much gold has the US government stockpiled and what is its value at the current spot price?

TREASURY STATEMENT SHOWS IMPROVEMENT; Total Amount of Gold Held Exceeds $678,000,000.

WASHINGTON, Oct. 1. -- The Treasury statement for September shows a marked improvement over any one of the three preceding months of the current fiscal year. An excess in receipts of $5,894,325 increased the available cash balance $3,438,798 over the figures of Sept. 1, and making that balance stand at $151,414,162, of which the depository banks hold $104,256,226, a slight increase over the amount thus held a month ago.

[rtchoke]

Re: Geithner pushing for IMF to 'mobilize' gold

TREASURY STATEMENT SHOWS IMPROVEMENT; Total Amount of Gold Held Exceeds $678,000,000.

WASHINGTON, Oct. 1. -- The Treasury statement for September shows a marked improvement over any one of the three preceding months of the current fiscal year. An excess in receipts of $5,894,325 increased the available cash balance $3,438,798 over the figures of Sept. 1, and making that balance stand at $151,414,162, of which the depository banks hold $104,256,226, a slight increase over the amount thus held a month ago.

Whoa... Where's the time machine?

TREASURY STATEMENT SHOWS IMPROVEMENT; Total Amount of Gold Held Exceeds $678,000,000.

Special to The New York Times.

October 2, 1904, Sunday

Page 5, 604 words

WASHINGTON, Oct. 1. -- The Treasury statement for September shows a marked improvement over any one of the three preceding months of the current fiscal year. An excess in receipts of $5,894,325 increased the available cash balance $3,438,798 over the figures of Sept. 1, and making that balance stand at $151,414,162, of which the depository banks hold $104,256,226, a slight increase over the amount thus held a month ago. [ END OF FIRST PARAGRAPH ]

[metalman]

Re: Geithner pushing for IMF to 'mobilize' gold

Whoa... Where's the time machine?

TREASURY STATEMENT SHOWS IMPROVEMENT; Total Amount of Gold Held Exceeds $678,000,000.

Special to The New York Times.

October 2, 1904, Sunday

Page 5, 604 words

WASHINGTON, Oct. 1. -- The Treasury statement for September shows a marked improvement over any one of the three preceding months of the current fiscal year. An excess in receipts of $5,894,325 increased the available cash balance $3,438,798 over the figures of Sept. 1, and making that balance stand at $151,414,162, of which the depository banks hold $104,256,226, a slight increase over the amount thus held a month ago. [ END OF FIRST PARAGRAPH ]

yeh, well symbols forgot to say what year.

[rtchoke]

Re: Geithner pushing for IMF to 'mobilize' gold

How much gold has the US government stockpiled and what is its value at the current spot price?

According to http://www.fms.treas.gov/gold/current.html

Total - Treasury-Owned Gold 261,498,899.316 (FineTroy Ounces) $11,041,058,821.09