Wednesday, April 24, 2019

IMF refuses to sell its Gold

The man that IMF refuses to sell its Gold ... if IMF has any

After selling 200 tonnes of Gold to the Reserve Bank of India, 10 tonnes to the Central Bank of Sri Lanka, and 2 tonnes to the Bank of Mauritius, a total of 212 tonnes, the IMF decided to sell the remaining 191.3 metric tonnes available to qualified buyers. According to Kitco, Eric Sprott submitted his bid to buy the remaining 191.3 tonnes and the IMF refused to sell it. That was in March 2010

GATA also found out that that a financial house far bigger than Sprott also tried to purchase gold from the IMF, also was refused, and wasn't very happy about the refusal.

Ever since its unsatisfactory correspondence with the IMF in April 2008 GATA has maintained that the IMF has no physical gold at all and that the IMF's supposed gold sales are merely bookkeeping entries between central banks enveloped in endless agitprop to scare the gold market down:

Eric Sprott, CEO and senior portfolio manager for Sprott Asset Management in Toronto

Watch this clip of Eric Sprott interviewed on CNBC by Maria Bartiromo on 16th April 2010.

During the interview, Eric Sprott spoke about his concern regarding the leverage in the banking system and the inability of the Government who are spending vast about of money. He was also concerned about China, that the Chinese government asking the banks to cool the lending. He also spoke about his Sprott Physical Gold Trust, ticker symbol PHYS which trades on NYSE which is backed up by real Physical GoldĀ 

Eric Sprott has been well ahead of the curve, and his hedge fund has out-performed S&P500, Oil and Gold over the last 10 years and his record is nothing short of phenomenal.

He call the Tech Bubble on March 2000, call to buy gold on Oct 2001 when Gold was at $280, warned of the housing bubble January 2006, reconfirmed call on Gold again in September 2007 when Gold was at $700