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Post by Sapphire Capital on Apr 2, 2009 20:03:41 GMT 4
please post your location (country) and your position (broker or principal or.... and for which site etc)
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Post by Sapphire Capital on Apr 4, 2009 4:51:59 GMT 4
Brussels will be a pain in the neck in regards of paperwork if the commodity is not there already
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Post by Zhou on Apr 4, 2009 9:05:36 GMT 4
G20 supports IMF's plan to sell 403 tons of gold Endorsement signals plan likely to be approved by member countries this year By Moming Zhou, Markethingych Last update: 3:30 p.m. EDT April 2, 2009 NEW YORK (Markethingych) - Leaders from the Group of 20 nations Thursday endorsed the International Monetary Fund's plan to sell 403 tons of gold to raise funds to support the world's poorest countries. The announcement from G20 leaders helped add pressures to Thursday's gold trading. Gold futures fell $20.30, or 2.2%, to $905.80 an ounce in recent trading on the Comex division of the New York Mercantile Exchange. See Metals Stocks. The G20 vowed in its statement to "use the additional resources from agreed IMF gold sales for concessional finance for the poorest countries." Read more on G20. The endorsement suggests that the IMF's gold sales plan is likely to be approved by its member countries later this year. The IMF has been planning to sell gold since as early as 2007 to diversify its revenues and strengthen its balance sheet. But the plan needs to be approved by an 85% majority vote from its 185 members. The U.S., which has 17% voting power in the fund, essentially holds veto power. The U.S. government has informed the IMF that Congressional authorization by law is required before it is able to support the plan. The U.S. Treasury announced last year that it will seek authority from Congress. Hussein Allidina, an analyst at Morgan Stanley, said in a note Thursday that he expects the IMF to implement the sales over the next few years, "but do not believe that this presents a strong negative risk to gold prices - as it will be 'orderly' and maybe even off market." Minimize market impact The IMF, which holds more than 3,200 tons of gold, is the third-largest holder in the world after the U.S. and Germany. Most of the IMF's gold holdings come from the fund's member countries, which are required to commit 25% of their quota in gold. The fund can't sell those holdings into the markets. But an additional 403.3 tons of gold the fund acquired through off-market transactions in 1999 and 2000 - such as interest payment from countries that received IMF loans - are not subject to the restriction. If member countries approved the gold sales, the IMF can find ready buyers in countries with low gold reserves, especially Russia and some Asian countries such as China, Taiwan, and India. China, with less than 1% of its $2 trillion reserves held in gold, has expressed interest in buying more gold, crude oil, and other strategic commodities. According to the IMF's plan, the gold selling will be implemented in coordination with major central banks to minimize the impact on the market. The European Central Bank said Wednesday it had completed the sale of 35.5 tons of gold. The gold sales were in full conformity with the second Central Banks Gold Agreement, which was signed in 2004 by the ECB and other European major official gold holders. The second CBGA, which caps total gold sales of the signatories at 500 tons a year, expires in September. Some analysts expect a third CBGA to be signed before September. End of Story
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Post by niseag on Apr 5, 2009 0:45:15 GMT 4
If the message from Zhou is right the price will give, beside the fact that the IMF will sell on a government level, there are usually openings from the big banks to the gold and they will do so for good clients, anyway, you are obviously looking for a private transaction, would ten tola bars be acceptable?
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Post by SallaII on Apr 6, 2009 23:27:14 GMT 4
there is a portfolio of AU metal which is going to be sold from ING in Netherland, about 1000 1 kg bars with Degussa hallmark, the handling I believe is done by Miriam Mikeba Mirabeau at fireopal@inbox.com
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Post by miriammuraba on Apr 15, 2009 9:48:28 GMT 4
Sumitomo Bars outside Europe, any interest?
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