China buying gold from the IMF using US Dollars?

[Chester Copperpot]

I heard this from a friend just now who said he heard this earlier this morning on Glenn Beck.

Has anybody heard anything about this?

 

[Scribbler de Stebbing]

I know the IMF wants to sell off a lot of its gold (may cause a relative drop in price) and that China wants to balance its devaluing US FRNs with gold, so yeah, that would make sense.

 

[tmosley]

Damn, I wanted to get some of that IMF gold.

 

[acptulsa]

Why not? We are. I know it's disconcerting to know our enemies are smart enough to follow our lead, and our friends not so much, but there it is...

 

[jaybone]

Under current rules, the IMF needs approval of the US Congress to sell any gold.
As far as I know this approval has not been granted,
so I don't think they have sold any yet, at least not in the light of day.

The IMF threatens to sell large hoards of gold every year, and every year they sell nothing. It is a tactic to keep a lid on the gold price at strategically important time periods. When the IMF or any other CB announces an intent to sell gold, you can be sure there is something hideous going on in the world that would normally send the gold price sharply higher.

 

[Kraig]

...and we all know the IMF is all about following the rules and congress is all about enforcing them.

 

[idiom]

Why not? We are. I know it's disconcerting to know our enemies are smart enough to follow our lead, and our friends not so much, but there it is...

Chinas not the enemy. Thats your brainwashing talking.

 

[hugolp]

I know the IMF wants to sell off a lot of its gold (may cause a relative drop in price) and that China wants to balance its devaluing US FRNs with gold, so yeah, that would make sense.

Its the other way arround. China and India have been pushing the IMF to sell its gold, but the US is blocking it.

China wants the IMF gold, but the IMF wont sell it.

 

[ctiger2]

They should allow the IMF to sell all of their Gold. Then they should get rid of the IMF once they're broke.