IMF Announces Sale Of 10 Metric Tons Of Gold To Sri Lanka

Tyler Durden's picture

Developing story. The Tamil tigers are next in line to give Bernanke the one finger salute. Gold now at $1,186 $1,187. Do we hit $1,200 today?

WASHINGTON (Dow Jones)--The International Monetary Fund said Wednesday that it has sold 10 metric tons of gold to Sri Lanka, the third customer to acquire a portion of its gold holdings.

Sri Lanka's central bank purchased the gold Monday, paying the equivalent of $375 million.

The IMF in September finalized a plan to sell 403.3 metric tons of gold--an amount equivalent to about one-eighth of its total holdings.

The IMF previously announced the sales of 200 metric tons of gold to India and 2 metric tons to Mauritius.

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SWRichmond's picture
Après moi le déluge
Bob's picture

Google helped me see how apt: 

September 5, 2005
By Paul Jay, Chair,
Reprinted from: http://www.iwtnews.com
Independent World News

RE: Louis XV

The leader of the most powerful country on earth, with an unquestioned faith in his divine right to rule and the absolute power of the centralized state, was the namesake for Louisiana.

 

When he died in 1715, Louis XIV had built France into the dominant power in Europe, but he bankrupted the nation, forcing him to levy high taxes on the peasantry while the nobility paid none at all. Most people lived in poverty while the King built an empire.

 

During the empire’s demise his great great grandson Louis XV ruled France and its possessions, which included the colonial city of New Orleans. He lived for indulgence and luxury as his people descended further into despair. It is said near his end he uttered the words "Après moi le deluge." After me come the floods.

Anonymous's picture

laissez les bon temps roulez

monmick's picture

I'm no historian, but I suspect that Louis XIV did not have the floods brought on by Katrina in mind when he said "Après moi le deluge"...

Missing_Link's picture

Correct.  That would be the guillotine and the blood-spattered French Revolution.

I wouldn't be surprised to see guillotines on the backs of pickup trucks roving through the Hamptons, driven by formerly middle-class Americans, if the second leg of the "double-dip recession" hits.

Careless Whisper's picture

"double-dip recession"

correction: beginning of depression

 

And I discovered that my castles stand           upon pillars of salt and pillars of sand

http://www.youtube.com/watch?v=dvgZkm1xWPE

 

monmick's picture

Bien dit, mon Général...

10044's picture

YEAH YEAH YEAH
In your face Shalom

trav777's picture

Something big is coming.

You have to be able to feel it.

I have an uncanny intuition, always have had it...something is coming and it's big.

All the signs are pointing to a sunset for the USD as reserve currency within the next year.  We simply cannot source $3.5T next year to get through 2010.  They are going to have to print it or accept sovereign default.  There are no other options.

Buy as much gold as you can, anything of value.

Overpowered By Funk's picture

I'm removing all my fillings - before anyone gets any ideas.

primus's picture

Uh-Oh Benny Boy!

Just got this EM from APMEX.

Dear XXXX:

The United States Mint has suspended sales of gold and silver yet again. 2009 has seen an unprecedented demand for the 2009 Gold American Eagles and 2009 Silver American Eagles as investors have clamored to secure their assets and protect their wealth against the rising tide of inflation.
This suspension in sales is temporary as the U.S. Mint continues to produce these highly sought after coins. At APMEX, we have a very limited supply of both 2009 Gold American Eagle and 2009 Silver American Eagle coins in stock and ready to ship. Buy your gold and silver bullion coins now while they are still available in the marketplace.
Mint shortages have traditionally caused a significant increase in premium – however, at APMEX, we still have these coins available at very reasonable prices. Buy your gold and silver coins today before market conditions change more and prices are driven up from excessive demand.
The news from the U.S. Mint comes on the heels of the recent news of gold's all-time highs. It seems like every day, gold reaches a new high! Already this morning, gold reached $1,186.30 per ounce as investors continue to react to major financial news about gold.
News like this will only drive demand and prices higher, and supplies lower. Get your 2009 Gold American Eagle and 2009 Silver American Eagle coins at APMEX while we still have a supply to meet our customer's needs.
Buy your gold and silver online today at www.APMEX.com!
Respectfully,
David McCarty
Director of Marketing
American Precious Metals Exchange

Anonymous's picture

Apmex sells gold and silver. They're not exactly an unbiased source. Your best bet is the Kitco forums.

Anonymous's picture

1200 is the magic options expiration number!

Whizbang's picture

People have been saying this since last october, but the United states has been able to borrow at historically low rates for the last year. Everyone will be shocked to find that

1. The fed pulls the plug and drains the liquidity in the system, crashing the market and scaring everyone back into treasuries

2. we will give more missle technology to dictators in exchange for them buying treasuries

3. The united states, being the largest hoarder of gold in the world, will sell some of it into the markets, crashing gold prices and sending people back into treasuries.  

msorense's picture

No one will trust a sale by the US without thorough verification:

http://www.marketoracle.co.uk/Article14996.html

Our paper is backed by absolutely nothing - half the gold probably isn't real.

Joe Sichs Pach's picture

You're not trying to be objective here, now are you?  Offering up differing viewpoints doesn't always seem to be welcomed.  ; )

 

These are the things that intrigue me.  Many people are on the side of 'the end of America' is at hand and/or 'end of the dollar/reserve currency/fiat/etc' for obvious and understandable reasons.

 

But....what if?

 

As you mention above, there do seem to be some other exit strategies - whether they're applied or not we won't know until it happens. 

How do you propose they would go about draining liquidity to get everybody back into treasuries? 

Anonymous's picture

So the French sold us New Orleans and we're going to sell missile technology? I'd rather have New Orleans.

Anonymous's picture

No shit? Intuition? Death of the greenback? You thought that up all by yourself? Wow.

faustian bargain's picture

fucking fuck...the ride is on.

TaroASSo's picture

pump 'n dump...

 

NYPoke's picture

That would be my opinion as well.  Are the U.S., England & Germany buying up gold?

 

Appears that the major buyers (India, Sri Lanka, China, ...) are all new comers to the game.  Like watching your grandma buy internet stocks in 1999.  Who knows though.

faustian bargain's picture

India already had a pile of gold, probably China too. Dunno about SL.

I think the USD is in a fight for its life now, and while it may have one or two kicks left, it's going down in the end. People and central banks are losing confidence, and confidence is all that's holding it up.

Stuart's picture

Au is still a very small component of India and China's reserves...< 2-3% each.  Plenty of room left if they want to join other western nations that have >25% of their reserves held as gold. 

Anonymous's picture

This is getting ridiculous. CNBC opens themselves up to ridicule, it becomes too easy to ridicule. New expose on the "business" of topless dancing via Markowitz. This should help the ratings for the 20-30 something crowd. Note to Comcast: hard hitting journalism IT IS NOT!!'

SilverIsKing's picture

SILVER has not yet joined the party.  Those millions of ounces short are gonna hurt.

Anonymous's picture

"The Tamil tigers are next in line to give Bernanke the one finger salute."

Oh dear. Any minute now you'll have Sinhalese nationalists in here screaming blue murder. Maybe they might get in a spitting match with the anti-semites? Here's hoping.

10044's picture

R.I.P commodity desk @goldman and JPMC you f'ing crooks and thieves

NRGTDR's picture

lol!--right on---karma will be a bitch for those boys and girls

George the baby crusher's picture

Now let's all settle down a little here.  We all knew this was coming, but we also know the risks and possible retractions.  No champagne yet thank you Jeeves.

Anonymous's picture

Same story, different asset....
I fear this will end badly and do not want to be around for the carnage.... I'm out.
Greed will kill you, it always does.
Good luck to the rest of you gold bugs.

geopol's picture

Who are those guys in the background? They look like their part of a duck shooting contest at the carnival..

 

 

the.spear's picture

They are Members of Parliament. If you followed Kenyan politics you'd be not-so shocked to discover that they're pretty much the same as American politicians, only richer and dumber (if that's possible).

Jim ODonnell's picture

Bangladesh to replace US on UN Security council.

UN votes to move headquarters to Terra del Fuego.

Bernanke offered job at MickeyD's in Bang-cock.

Geithner to head new internet business which competes with Zero Hedge to be called: What's A Hedge.

Obama refusted Chinese work permit. The Minister Of Internal Affairs refused on the grounds that China doesn't want any more Communists.

 

 

 

phaesed's picture

Fuck yeah.

 

The bank didn't even claim the proper amount owed, they claimed twice the amount that the same documents they delivered to the family. They didn't even try to negotiate... about time a judge told a bank to fuck off. The tenant tried to negotiate... Now the Guy on CNBC is saying this lady never paid the mortgage in 4 years.... I don't read that in this article, what the fuck?

lsbumblebee's picture

The IMF has promised Sri Lanka the bars contain no tungsten.

Anonymous's picture

Why don't thet just close shop and go home?

Anonymous's picture

or in other words, Bernanke Takes Delivery

Thaisleeze's picture
Thaisleeze (not verified) Nov 25, 2009 2:02 PM
Yee-hah!!
Anonymous's picture

I think that BB and TG are running pretty dangerous ship here. What they did up untill now,is petty compared to what is coming. And if there is no reversal,pretty soon,the coming fiasco will finish everything(their friends might be out of the market by now and into gold anyway). If the gold mania hits this country(and it just might,and yeh it could also be a bubble in creation)then the run on the bankx that they claim that they managed to stop,would actually happens precisely because of their actions. And finally,the bank collapse that they supposedly dreaded,might actually happens.

Anonymous's picture

This IMF-Sri Lanka sale is valuing each ounce of gold at $1063.11

MyKillK's picture

10 metric tonnes @ $375 Million

 

$1166.38 / troy oz

Anonymous's picture

are you really reporting a government gold transaction of 375mm? Are all you people posting really going nuts on this news?
Sweet lord get a clue.

john_connor's picture

Currency run imminent?  God help us.

Internet Tough Guy's picture

The IMF needs the money to help poor people in places like...Sri Lanka.

Anonymous's picture

Don't you mean the IMF needs the money to help the poor people in places like....Cleveland?

A Man without Qualities's picture

Anyone who believes the IMF loans money to help poor people needs their head examined...