The IMF is going to sell 191.3 tonnes of gold:
Spot gold XAU= dropped about 1 percent on Thursday after the International Monetary Fund (IMF) said it would sell its remaining gold reserves, but settled in a narrow trading band as the market absorbed the news.
The IMF announced it would begin phased open-market sales of the remaining 191.3 tonnes of gold under a program launched last year to raise new resources for lending. [nN17152668]
Gold was already losing ground early on Thursday and was quoted at $1,114.00 an ounce prior to the IMF statement, which quickly erased a further $8.25 off bullion.
"This wasn't totally unexpected given what the IMF has been saying, but it was still enough to give the market a rattle," a gold dealer in Sydney said.
Spot gold was quoted at $1,108.10 an ounce at 2219 GMT.
Markets immediately reacted and just when it was disclosed Gold "the ultimate bubble" Soros doubled his ETF SPDR purchase.
I post this for I know we have many gold bugs, most expecting it to increase soon and also the last IMF announcement of selling gold didn't seem to affect the price much, not this time.
Be careful on yer play gold bugs, there is also dollar safe haven with the Euro bouncing around and those playing dollar shorts in conjunction with gold.
This is recycled news
We already knew all of this months ago. Maybe they figure that in today's ADD environment that people have forgotten this.
u sure recycled?
Because this is the rest of it as I understand it and I pointed out to the older release of the IMF selling gold, whereas here's an older one with India buying all that IMF put on the market.
Or did I do a dupe really?
The thing thing time is it affected the gold market, unlike this November announcement.
Yep
The original amount of gold that the IMF intended to sell was 406 tonnes over several years. Slightly more than half has been sold without it ever seeing the open market.
We are now talking about the last 191.3 tonnes of the same chunk.
The fact that it was reported as "news" is just an example of trying to smack down gold.
If you want a perfect example, look at what George Soros recently did.
A month ago he used the phrase, "The ultimate asset bubble is gold."
Now it turns out that Soros was doubling his gold holdings. He was talking down an asset so he could buy it cheap.
The IMF has recycled this news for different reasons, but the idea was still the smackdown.
u right, my bad
For some reason I missed that this amount is part of the Nov. announcement, my bad.
I'm just not that closely monitoring Gold and I guess I'm going to leave the entire topic to you or others who watch this commodity more closely. I plain forgot the original post, more I was wonder why Gold dropped suddenly when the past announcement, which was a larger amount and India bought the whole thing at record highs...didn't do anything.
I saw MTGM has a couple of good posts on this, Gold Bull Market explained and another.
At least I caught the Soros manipulation. Why people think he's just out to fund "good in the world" is beyond me, just like Bill Gross "announcements" these cats are so huge they can move markets with their breath.
Is gold the next currency for an ageing Australia?
Is gold the next currency for an ageing Australia?
The main demographic of people selling gold jewellery, coins and ingots is the 55 to 80 year old bracket. Sometimes referred to as ‘scrap gold’ it is now being sold at unprecedented rates. The reason may be two-fold.
The price of gold is now at its highest on record and with the global financial crisis cutting into the retirement and superannuation savings of many people, the sale of gold may be another way of supplementing income for the elderly.
A spokesperson from the retail gold sector, Michael Cohen of the Gold Company, reported that prices paid can vary from $250 to $950 an ounce depending on the company that consumers are dealing with. Mr Cohen advised that it is easy to determine approximate value.
“Separate the gold into 9ct, 14ct, 18ct etc… Then weigh each batch separately. Multiply the weight by the percentage of gold in the batch (e.g. 0.375 for 9ct) and then multiply that by the gold price of the day. That figure, less the refining costs and profit of the buyer, is what you should be offered.”
Other good tips for prospective sellers is to make sure you deal with a company that gives you the option to accept or refuse the offer with no hidden cost to you; ensure they have contact numbers listed for you to talk to someone and an address that you can visit their offices if necessary; and if you are not sure you are getting the right price, shop around.
normally comments promoting some website are banned
but I'm going to let this one slide. Why?
Because people, do not be an idiot and put your gold jewelry and other pieces of gold into an envelope to some far away place.
It's complete lunacy and this post has some good advice if you're looking to sell your gold household items to pay some bills. Separate it, get it appraised, weigh it and figure it out.
Please do not fall for those TV ads calling your gold, which at $1100 an ounce, realize how small an ounce is! maybe worth a good $3k in weight.....
don't listen to a TV ad claiming that's "scrap"! Don't put your stuff into an envelope to get anywhere from nothing to pennies on the dollar for your valuables.
Would you ship your savings account via freight to parts unknown because someone on TV decided to tell you it's really just scrap? I don't think so!
Gold in Euros
It should be noted that gold priced in Euros hit another all-time record today.
I believe the annualized return on gold priced in dollars since 1999 is around 15%.
All the paper currencies are falling, just at different rates.
did you read abebut's Fed post?
I think there is something to it, to target commodity deflation, including Gold.
That's my concern in terms of being a gold bug (on this one, I'm just out to make a few bucks, more of a quick day trade interest).
I'm hoping they target oil. Beyond the banksters, I cannot think of a worse thing to happen to the U.S. economy than to have oil speculation and energy skyrocket like 2008.
Hope you comment on that post. I'm still not sure about the Fed move, if that is right and am really wondering about the carry trade and curtailing it. As I understand the carry trade, sure they are buying up U.S. treas. and making huge profits off of the spread (which is in itself absurd), but a large portion of it is flying off to EEs (emerging economies) where they believe they will get a huge return.