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[mhlld]

RB you are right about the CB's kicking gold after the G7 meetings. Once again the IMF proposes selling gold(this is an annual thing anymore, just like ground hog day, and meant to cause a reaction). Most of the IMF gold is U.S. owned and congress would have to approve of its sale. NEVER GONNA HAPPEN!!! China would buy every bit of the measly $92 billion of IMF gold with it's $1.5 TRILLION USD currency surplus, and say thank you very much, FOOLS!!!

Doug Casey wrote about this very subject, exactly one year ago. Here's a few quotes.

"First, it’s not the IMF’s gold. The metal belongs to the depositor nations, the largest of which is the U.S. We the taxpayers own that gold, and thus have a very real interest in what happens to it.

Second, the IMF is prohibited from trading in gold. Its bylaws state that it does not “have the authority to buy gold,” nor may it “engage in any other gold transactions—such as loans, leases, swaps, or use of gold as collateral.”

What it can do is “accept gold in the discharge of a member’s obligations” and “sell gold outright,” but the latter requires “an 85% majority of total voting power.” Since the U.S. controls about 17% of voting power, it can’t by itself make a deal happen. But it has the absolute authority to block one.

The Crockett Committee report is not the first time the notion of IMF gold sales has been floated. It’s an idea that has cropped up repeatedly in the past but has always failed, either because of American opposition or because of opposition among the more general membership, which includes many gold-producing nations that have an interest in keeping a floor under prices."

Doug Casey's complete article here;
http://www.financialsense.com/editorials/casey/2007/0209.html

Annual IMF Gold sales "Fakeout BS" article here;
http://in.reuters.com/article/businessNews/idINIndia-31847320080209