i.m.f. statement contradicts sales drive by chance

  1. 22,691 Posts.

    http://www.kitco.com/ind/gam/fab042005.html

    Extract:
    "Gold is an undervalued asset held by the I.M.F., and provides a fundamental strength to its balance sheet. Gold holdings provide the I.M.F. with operational manoeuvrability both as regards the use of its resources and through adding credibility to its precautionary balances.

    In these respects, the benefits of the I.M.F. 's gold holdings are passed on to the membership at large, to both creditors and debtors.

    The I.M.F. should continue to hold a relatively large amount of gold among its assets, not only for prudential reasons, but also to meet unforeseen contingencies. "

    Such remains the policy of the International Monetary Fund".
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    UK Brown's proposal didn't get far!

    Gerry
 
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