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The gold for SDR swap confirmed

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Anonymous Coward
User ID: 751857
11/3/2009 12:08 PM
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The gold for SDR swap confirmed
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The gold for SDR swap confirmed
Posted by Izabella Kaminska on Nov 03 09:10.

[link to ftalphaville.ft.com]

Back when gold began its first sharp ascent over $1000 per troy ounce in September, we at FT Alphaville wondered what, if anything, the move might have had to do with the IMF’s jumbo issue of $250bn worth of special drawing rights.

Now it seems India has provided the answer.

From the Wall Street Journal on Tuesday (our emphasis):

THE International Monetary Fund has sold 200 tonnes of gold to the Reserve Bank of India, nearly half the total approved by the IMF executive board in September. Proceeds from the off-market sale amounted to .7 billion ($7.4bn), or 4.2 billion of special drawing rights, or SDR, a combination of currencies, the IMF said. Payment is expected to be in major currencies that make up the SDR. IMF managing director Dominique Strauss-Kahn welcomed the transaction as an important step toward achieving the objectives of the gold sales program, namely “to help put the fund’s finances on a sound long-term footing and enable us to step up much-needed concessional lending to the poorest countries”.

Which appears to explain gold’s recent unusual and simultaneous moves against the four main currencies that comprise the SDR basket: the dollar, the yen, sterling and the euro.

We speculate India might indeed be the first country to use its SDRs for currencies to buy IMF gold, although that’s not to say other reserves haven’t had the same idea with gold generally.
Anonymous Coward
User ID: 703130
11/3/2009 1:02 PM
Re: The gold for SDR swap confirmedQuote

sorry I'm too stupid to grap it, what does this mean for the dolar?
Anonymous Coward
User ID: 703130
11/3/2009 1:02 PM
Re: The gold for SDR swap confirmedQuote

"grasp it"
Maximus Interruptus Subscriber
User ID: 537952
11/3/2009 1:04 PM
Re: The gold for SDR swap confirmedQuote

sorry I'm too stupid to grap it, what does this mean for the dolar?
 Quoting: Anonymous Coward 703130



the start of a new world currency.
silence is golden....
Anonymous Coward
User ID: 751857 (OP)
11/3/2009 7:20 PM
Re: The gold for SDR swap confirmedQuote

bump
Anonymous Coward
User ID: 806365
11/3/2009 7:38 PM
Re: The gold for SDR swap confirmedQuote

Yes OP .. very much linked to "Agenda 21" and the Club of Rome.

[link to www.godlikeproductions.com]


I'm post some more research in the above thread
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