huangthomas

China Concerns, Crashing Currencies and the Future of Gold Purchases

IMF does not have gold. The currency unit of IMF is SWR (Special Withdrawal Right) composed of a basket of strong currencies such as dollar, sterling, euro, yen.. Since the recent G20 meeting, the member countries have committed to lend more money to IMF, the central banks of the member countries are forced to sell gold, 500 tons this year, 500 tons more next year, and 500 tons the year after....... The central banks limit annual gold sell to 500 tons to stabilize the price of gold.