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Central Banks Favour Gold As IMF Warns of “Collapse of Euro” and “Full Blown Panic in Financial Markets”
From GoldCore
Central Banks Favour Gold as IMF Warns of “Collapse of Euro” and “Full Blown Panic in Financial Markets”
Gold’s London AM fix this morning was USD 1,646.50, EUR 1,258.41, and GBP 1,030.80 per ounce. Friday's AM fix was USD 1,652.00, EUR 1,255.51 and GBP 1,035.54 per ounce.
Silver is trading at $31.61/oz, €24.16/oz and £19.78/oz. Platinum is trading at $1,577.25/oz, palladium at $656.90/oz and rhodium at $1,350/oz.

Cross Currency Table – (Bloomberg)
Gold fell $1.50 or 0.09% in New York and closed relatively unchanged at $1,650.20/oz yesterday. Gold traded sideways prior to gradually creeping up in late Asian trading. It then gave up those gains in European trading and is nearly unchanged from yesterday’s close in New York.
Gold remained relatively unchanged from yesterday as Spain’s debt auction eased some worries about the eurozone debt crisis. Although this is another temporary respite as the euro may remain under pressure ahead of Madrid’s long term debt sale later this week.
Investors appear more focused on Europe even though US industrial output numbers and housing starts were low. A surprise jump in German business sentiment lifted riskier assets including equities.

Gold 1 Year Chart – (Bloomberg)
India’s central bank is further debasing the Indian rupee which will lead to further safe haven demand for gold, and is still the world’s largest buyer of gold.
India has had its first rate cut in 3 years and was cut by a higher than expected 50 basis points to 8%.
This comes despite inflation being higher in March compared to last month surging to 9.47%.
The recent tax increase on gold was a futile attempt to curtail gold demand – as Indian policy makers realised accelerating inflation would lead to further gold demand.
Wedding season is at its peak in India now and Akshaya Tritiya, a large gold buying festival, happens later this month. There are forecasts of a 25% increase in demand during the Hindu festival next week after demand was curtailed during the gold jewellers strike (see Other News below).
Deepening negative real interest rates in India and the risk of an inflation spiral will see Indian demand remain robust and it may even accelerate if inflation deepens - contrary to suggestions that Indian gold demand will fall precipitously.
IMF: Risk of Collapse of Euro and “Full Blown Panic in Financial Markets”
The Eurozone could break up and trigger a “full-blown panic in financial markets and depositor flight” and a global economic slump to rival the Great Depression, the IMF warned yesterday.
In its World Economic Outlook report, the International Monetary Fund said the collapse of the crisis-torn single currency could not be ruled out.
It warned that a disorderly exit of one member country would have untold knock-on effects.
"The potential consequences of a disorderly default and exit by a euro area member are unpredictable... If such an event occurs, it is possible that other euro area economies perceived to have similar risk characteristics would come under severe pressure as well, with full-blown panic in financial markets and depositor flight from several banking systems," said the report.
"Under these circumstances, a break-up of the euro area could not be ruled out."
“This could cause major political shocks that could aggravate economic stress to levels well above those after the Lehman collapse," said the report.
Risk Averse Central Banks Favour Gold Over Euro
The risks outlined by the IMF are real and are being taken seriously by central banks who are becoming more favourable towards diversifying foreign exchange reserves into gold.
Central bank reserve managers responsible for trillions of dollars of investments are shunning euro assets and questioning the currency’s haven status because of the region’s sovereign debt crisis, research has found, according to the FT.
Among the most conservative of investors, central bankers have tended to keep much of their fx reserves in high quality euro and dollar denominated assets, such as government bonds.
However, a survey of reserve managers at 54 central banks responsible for portfolios worth $6 trillion, almost half the world’s total, signals that the sovereign debt crisis has sparked a reversal of that trend.
More than three-quarters said the sovereign debt crisis has had a profound impact on their reserve management strategy, with their central banks pulling back from eurozone counterparties and reconsidering attitudes toward the single currency.
Signifying the mood of caution among the world’s central bankers, 71% of those polled said gold was a more attractive investment than it had been at the start of last year. Central banks made their largest purchases of gold in more than four decades last year and have continued to buy the precious metal in the early months of 2012.
Central bank demand is set to continue and may accelerate as the global debt crisis deepens in the coming months.
For breaking news and commentary on financial markets and gold, follow us on Twitter.

XAU/GBP 1 Year Chart – (Bloomberg)
OTHER NEWS
(Bloomberg) -- Hindu Festival Seen Reviving Gold Demand in India After Shutdown
Gold demand in India, the world’s biggest importer, may climb as much as 25 percent during a Hindu festival next week, according to Rajesh Exports Ltd., reviving jewelry buying that was curtailed by a nationwide shutdown.
Consumption may increase to as much 15 metric tons on Akshaya Tritiya on April 24, said Rajesh Mehta, chairman of Rajesh Exports, India’s biggest gold jewelry exporter. The festival is considered by the majority Hindu population in the South Asian nation as an auspicious day to buy precious metals.
Imports plunged last month after Finance Minister Pranab Mukherjee raised taxes to curb a widening current-account deficit fuelled by record bullion purchases. The National Spot Exchange Ltd., India’s biggest bourse for physical gold, expects its festival coin sales to double from a year earlier, according to Chief Executive Officer Anjani Sinha.
“People will buy a lot of gold this Akshaya Tritiya,” Rajesh Exports’ Mehta said. “We expect sales to be good, especially because of the strike” and the pent-up demand from the shutdown, he said.
Jewelers closed stores for three weeks in the longest-ever shutdown, curbing imports, after Mukherjee doubled import levies on gold and imposed a 1 percent excise duty on non-branded ornaments. The shutdown ended on April 6 after the government assured jewelers’ that their concerns on taxes will be considered. The strike cost the industry about 200 billion rupees ($3.9 billion) in lost revenue, according to the All India Gems & Jewellery Trade Federation.
‘Kickstart Momentum’
The Akshaya Tritiya “will kickstart momentum to slack imports,” Kunal Shah, head of research with Nirmal Bang Commodities Pvt., said from Mumbai. “It will support the ongoing bull run in gold.”
During Akshaya, a Sanskrit word meaning “that which never diminishes,” Indians begin a new venture or buy valuables with the belief it will bring luck and prosperity. Based on the lunar calendar, the date changes every year. It is the second-biggest gold buying day in the country after Dhanteras, according to fund manager Quantum Asset Management Co.
Bullion for immediate delivery rose 0.2 percent to $1,652.82 an ounce at 9:08 a.m. in Mumbai today. The June- delivery contract fell 0.3 percent to 28,482 rupees ($554) per 10 grams on the Multi Commodity Exchange of India Ltd. yesterday. Gold has advanced 5.6 percent this year, adding to 11 consecutive annual gains buoyed by central bank buying and increased haven demand driven by Europe’s sovereign-debt crisis.
Competitive Asset
“Gold is very competitive in its asset class,” said Anindya Mitra, senior vice president of retail liabilities at HDFC Bank Ltd., the second-largest coins seller among Indian banks. “We are looking at doing good business this year.”
Coins sales may be 10 percent to 15 percent higher on the festival day from a year ago after HDFC increased outlets and on investment demand, Mitra said.
The national exchange has 1,700 orders for coins for delivery on Akshaya Tritiya, or about 25 kilograms worth of bullion, National Spot Exchange’s Sinha said. Demand will double to as much as 34 kilograms from 17 kilograms last year, he said.
“It is a special occasion, demand will be very good,” Sinha said. “People don’t expect the price to go down from here.”
India’s gold imports may fall to 700 tons to 800 tons in 2012, Prithviraj Kothari, president of the Bombay Bullion Association, said April 2. That compares with record purchases last year of 969 tons, according to World Gold Council data.

XAU/EUR Currency Chart – (Bloomberg)
(Bloomberg) -- Comex, Nymex Metals Delivery Issues, Stops for April 16
Following is a table detailing daily issues and stops related to deliveries of metals against expiring contracts traded on the Comex or the New York Mercantile Exchange for April 16, according to CME Group Inc.
The notices reflect the movement of metals to offset each long or short futures position with supplies held in exchange- monitored warehouses. Issuers are making deliveries, and stoppers are taking deliveries.
================================================================================
April 16 April 13 April 12 April 11 April 10 April 9
2012 2012 2012 2012 2012 2012
================================================================================
-------------------------- Gold -------------------------------
Issues/stops 794 6 1,040 95 1 37
Month to date 4,475 3,681 3,675 2,635 2,540 2,539
================================================================================
April 16 April 13 April 12 April 11 April 10 April 9
2012 2012 2012 2012 2012 2012
================================================================================
-------------------------- Gold -------------------------------
Settlement 1,648.7 1,659.1 1,679.5 1,659.0 1,659.5 1,642.5
Delivery date 04/18/12 04/17/12 04/16/12 04/13/12 04/12/12 04/11/12
Contract April 2012 April 2012 April 2012 April 2012 April 2012April 2012
--------------------------Copper--------------------------
Issues/stops 182 1,000 51 205 31 56
Month to date 2,795 2,613 1,613 1,562 1,357 1,326
Settlement 3.6240 3.6230 3.7165 3.6360 3.6460 3.7160
Delivery date 04/18/12 04/17/12 04/16/12 04/13/12 04/12/12 04/11/12
Contract April 2012 April 2012 April 2012 April 2012 April 2012April 2012
-------------------------- Silver ----------------------------
Issues/stops 54 0 0 0 0 0
Month to date 227 173 173 173 173 173
Settlement 31.364 31.380 32.515 31.511 31.670 31.513
Delivery date 04/18/12 04/17/12 04/16/12 04/13/12 04/12/12 04/11/12
Contract April 2012 April 2012 April 2012 April 2012 April 2012April 2012
================================================================================
April 16 April 13 April 12 April 11 April 10 April 9
2012 2012 2012 2012 2012 2012
================================================================================
---------------------------Platinum----------------------------
Issues/stops 25 0 0 3 0 0
Month to date 508 483 483 483 480 480
Settlement 1,571.70 1,583.40 1,601.50 1,579.80 1,589.20 1,613.60
Delivery date 04/18/12 04/17/12 04/16/12 04/13/12 04/12/12 04/11/12
Contract April 2012 April 2012 April 2012 April 2012 April 2012April 2012
--------------------------Palladium----------------------------
Issues/stops 1 0 0 0 0 0
Month to date 2 1 1 1 1 1
Settlement 649.75 646.25 652.15 635.65 635.90 642.85
Delivery date 04/18/12 04/17/12 04/16/12 04/13/12 04/12/12 04/11/12
Contract April 2012 April 2012 April 2012 April 2012 April 2012April 2012
================================================================================
SOURCE: CME Group Inc.
(Bloomberg) -- Gold May Advance to $1,800 in 12 Months, Trinity’s Gurdgiev Says
Gold probably will advance to $1,800 an ounce in 12 months on a negative outlook for the European economy and China’s real estate sector, according to Constantin Gurdgiev, an economist at Trinity College in Dublin.
“I can see a rather bullish scenario for gold in the short-to-medium term,” said Gurdgiev, who is also a non- executive member of the investment committee at GoldCore Ltd., a Dublin-based brokerage that sells and stores everything from quarter-ounce British Sovereigns to 400-ounce bars.
Bullion was little changed at $1,651 an ounce by 9:22 a.m. in London, for a 5.6 percent gain this year. The price may be driven higher by Europe’s sovereign debt crisis and a slowdown in China’s real-estate sector, Gurdgiev said in an interview in Moscow on April 13, while stressing that other scenarios are possible.
The global economy by 2014 may have started a cycle of growth accompanied by inflation, increasing demand for gold as a means of protecting wealth, pushing the price to more than $2,200 an ounce, Gurdgiev said.
“Heightened inflation prospects” will be driven by expectations of stronger demand for commodities and a large- scale liquidity withdrawal in Europe and Japan, according to Gurdgiev.
NEWS
Gold edges up; fragile euro weighs - Reuters
Perth Mint sales fall on return of stability – The Sydney Morning Herald
IMF: Euro Break-Up Cannot Be Ruled Out – Sky News
Euro currency could collapse and trigger another Great Depression, IMF warns for the first time – The Daily Mail
Central Banks Snub Euro Assets, Favour Gold – The Financial Times
COMMENTARY
Could France Leave the Euro? Some Depositors Think So - Bloomberg
Cramer: Why Gold Remains Compelling - The Street
A Return to the Gold Standard, or Gold Behind Currencies - GoldSeek
Martenson: "The Trouble With Money" – Zero Hedge
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collapse, bitchez!
Under these circumstances, a break-up of the euro area could not be ruled out."
hmmm.... what do they know that we dont????
Wait a minute.....we just had all this crap totally fixed just the other day.
Now we're worrying about full blown panic again? When did this happen?
that was then. this is now. tomorrow will be then again.
If the IMF knows they such a risk, why continue to loan them money?
Central Bank Step 1: Create more fiat money out of nothing
Choice (1) Buy debt denominated in and backed by the, aforementioned, fiat money
Choice (2) Buy physical gold
Hmmm...
"Euro collapse soon!! Quick!! look here -->
Now look there -->! Now look there
<-- and there!!" ($5 trillion more in ponzi fiat was just printed but nobody saw it happen)
Alot of excitement over a bunch of little pieces of paper. Drama queens to the tenthpower. First country to go back to the gold standard ends the ponzi game real quicklike
@Thamesford
step 3: Create more fiat money out of nothing,hammer down the paper price of gold, Buy physical gold.
the footsteps of giants.
the sole purpose of the IMF is to create debt!
but when will then be now?
soon
How much worse would it be if Europe abandoned the common currency with a planned transition , but kept the union?
hint: the common currency is called gold. All they would have to do to fix the problem if they really wanted to would be to put nanoparticles of gold inside the cotton fibers inside the paper they use. But they don't really want to fix the problem, now do they? Of course they don't. Then they wouldn't be able to extract wealth from others, which is the only motive behind central banking. The real question is when are the people going to start hanging bankers and politicians?
On a side note, I recently found out that the PIIGS combined (although Ireland doesnt have much) have more gold that China...enough to pay off their debts even at todays prices, let alone prices in 3-5 years...
...so basically they just need to hold onto the gold, wait a few years and they can actually (yes actually) become creditor nations!!!
"The potential consequences of a disorderly default and exit by a euro area member are unpredictable... If such an event occurs, it is possible that other euro area economies perceived to have similar risk characteristics would come under severe pressure as well, with full-blown panic in financial markets and depositor flight from several banking systems,"...
Sheepdog: These sheep all taste like crap.
Wolf: OK, thanks.
The truth is that departure from the Euro by any country other than Germany or France is quite possible and, in some cases, potentially favorable to the Euro. They just aren't ready to give up on this grand experiment yet.
India was talking down gold just the other day. But truth always comes out. What would gold actually be at, if it was not so manipulated? They can print money and keep the manipulation going, but at some point the amount of money printed, gold is going to have to react in a big way, no matter how much manipulation is done.
If you make guns against the law, only outlaws (cops) will have guns. Not good. If you allow Bankers to run the world, eventually only Bankers will have Gold. Not good at all. Keep your guns and keep stacking
In other words, the IMF wants more money to flush down the toilet.
What?! This is the first I'm hearing of this! Trouble you say? Obviously someone is mistaken or I would be reading this life altering news on CNBC.
Christine Lagardes Louis Vitton handbag is still running on empty ..the hysterical bitch is not going to shut-up until it's full
Whoa, whoa, I say! The IMF just upgraded global GDP...how can this be??
what a bunch of f'ing idiots.
Inflation don't bankrupt people, Bernanke do.
whys gold down now then?
Like a good neighbor.....the BIS is on the job.
A little intervention will fix this right up.
Never look a gift horse in the mouth.
If you knew for a fact that the Euro was going to collapse, you could just take out a BIG loan, buy physical gold, wait for the "collapse" and pay back the loan with a tiny fraction of your gold.
Sounds like a sequel for Back to the Future!
They're already doing that... It's called QEx & LTRO...
Dr. Emmett Brown: "Fiat currency? Where we're going, we don't use fiat currency!"
RELIEVE not risk! Free the Eurozone of this one size fits none "currency"!
You mean 'paper' currencies (backed by nothing) aren't seen as a store of wealth? Whocoodanode?
So is Giselle Bundchen going to start asking to be paid in gold instead of Euros now to shake her ass on the catwalk?
nah, but Tom Brady will...
And everything has been so calm, so perfect, so...papery over the last 3 years...why now...why not!?!?
IMF Warns of “Collapse of Euro” and “Full Blown Panic in Financial Markets”
Is this the same IMF that is currently trying to scare up 400 billion in contributions from hesitant countries?
I suspect that once they have the money in the bag (If indeed they ever get it) the rhetoric will calm down immediately and all will once again be well in the opinion of the IMF
And who has been in charge of the financial markets, the central planners or entrepreneurs in the free market ?
The IMF is run by the US, whose dollar reserve currency competes with the euro, so of course they put out anti-euro propaganda. But even supposing the euro were to collapse, what will it collapse against? Gold. And what will that do to the value of gold on ECB balance sheet (which is marked to market)?
Now try that mental exercise with the dollar, and you will get a different result.
And gold stocks will decline. A bend over welcome from the boyz at wall st.
yes gold has been very very quiet.....no movement at all...but articles like this that everyone is buying makes one wonder......and everyone is buying....China..Russia...Asia..India..Mexico..even Colombia ....and add in the individuals....but yet somehow they have kept the price and therefore the alternative currency in the shadows as the bankers do their dirty deads.....very quiet...I am buying more...it feels like the center of a hurricane...before the other half hits....
Perth. Mint reports bullion sales have gone down. Nothing is making any sense.
IMF is a terrorist thug gang..are they on" the do not fly list?".. the fall of empires right before our eyes I hope we all appreciate the view we have..
I believe gold will hit $2,000 within the next 3 months. How can it not? As for the IMF, tell the IMF to pound sand.
But JM Barroso said that Greece is fine and doesn't need further support and Spain is fine, too, needs no support at all.
I'm not kidding, he actually said that today.
"from ***Goldcore***
...
I can see a rather bullish scenario for gold in the short-to-medium term,” said Gurdgiev, who is also a non- executive member of the investment committee at ***GoldCore*** Ltd., a Dublin-based brokerage that sells and stores everything from quarter-ounce British Sovereigns to 400-ounce bars."
Eew.
yea, yea, yea.....as the POG tanks when london opens, then the criminals on CRIMEX open up. CB's have it under their thumb. The POG isn't going anywhere anytime soon.
Yeah we know. Markets will collapse and the world will end. How much money do you want?
THE SKY IS FALLING!!!!11
Will you look at that it cleared up!
wouldnt introducion of gold standard bring about total deflationary collapse with destruction of paper wealth....and the important thing is the same illuminati gangstars will be in total control even after a gold standard is introduced.....the alternet media hypes GOLDs advantages as a replacement to the current FIAT money economy.........i dont think that will help the masses ...the people are in trouble now..they will be in bigger trouble then ...RON PAUL is there to give u hope ...he also frequently keeps on talking about GOLDs merit....good way by bankers to attract attention to the monetary system of the future
mOz ( 0,031103 metric gramm = 31,103 milli gramm) would be the new normal
(that is 1/1 000 of an ounce). With Gold 19,32 gramm/cm³ you would have a Volume of 0,00161 cm³ = 1,61 mm³ .
This is a cube with 1,1720387179 mm length = 1172,02387179 µm.
A human hair is about 35...40µm, so its about the 33 times the thickness of a human hair.
The problem is: that already is more than a Dollar and will be worth much more in the
Future . So how do you exchange some cents?
Also the total amount of Gold in the world is 160 000 metric tons = 160 million kg.
World population is about 7 billion = 7000 million.
So 160 million kg divided by 7000 million = 0,022857143 kg per human = 23 gramm per human = about 3/4 or nearly 75 % of 1 ounce.
So there is less than an ounce for everyone of us. ( But there are silver, platinum, copper, diamonds ...)
There is even less silver available for the population of the world.
T_Indian - The introduction of a gold standard would not necessarily bring abouyt total deflation. The variable is how many $ / oz the US Gov't would value gold at.
Of course other Gov'ts would want to value their currency at a certain FX unit / oz., so it would really depend on who holds the most gold / silver.
Now you know why the Chinese and Russains and India and Swiss have been buying gold large.
The US reportedly says Bernanke and Geithner a lot of gold (but it is not a currency says Bernanke..the arse wipe), but Ron paul wants to see it.
The people are always in trouble, until they gather round and figure out who sold them down the river. That won't take long.
One thing is for sure. The boyz with the printing presses are defending gold at 1650 showing serious strength. Question is how long they can keep the paper game going, or should I say how long do they want to keep it going before they decide to pull the plug and rape the other side of the trade.
You got to hand it to them though. When an intelligent person looks at histoy of money and the role gold and silver have played and how the banksters have overturned the U.S. constitution (for one thing) in this matter and elevated IOU's on the supreme throne of not only medium of exchange but store of value. Impressive.
It is impressive. Intimidation from the Pentagon helps. What a bunch of thugs.
In its World Economic Outlook report, the International Monetary Fund said the collapse of the crisis-torn single currency could not be ruled out.
No risk of that.
"The IMF warned that a disorderly exit of one member country would have untold knock-on effects."
Gee an individual country can now nobble the entire EU collective. What was the IMF's words of wisdom on the way into the EU
"Hurrah for this wonderful collective the EU.. it will strengthen their harmognised economies, usher in prosperity for all and poses no systmic risks whatsoever, in fact it will alleviate risks."
Signed. IMF Chief,
Bingo the Clown (PhD, Nobel in Economics)
In its flagship economic survey of the world economy, the IMF acknowledged there were fundamental "flaws" in the design of the single currency and said that one prospective "tail risk" is a "disorderly default and exit by a euro area member".
SNL's apt "REALLY???" applies here.
It is the first time the IMF has openly contemplated such an outcome.
The IMF said it was impossible to quantify the impact of a country defaulting or exiting the currency union.
But in its World Economic Outlook, it added: "If such an event occurs, it is possible that other euro area economies perceived to have similar risk characteristics would come under severe pressure as well, with a full-blown panic in financial markets and depositor flight from several banking systems.
"Under these circumstances, a break-up of the euro area could not be ruled out. The financial and real spillovers to other regions, especially emerging Europe, would likely be very large.
"This could cause major political shocks that could aggravate economic stress to levels well above those after the Lehman collapse."
Unfortunately the transcript and full report links which I have included here show an obstinate continuance of their failed policies. I guess they just want to be on record to cover their asses.
http://www.imf.org/external/np/tr/2012/tr041712.htm
The full report for those interested: 250 pages of Orwellian double speak and obfuscation. If this is the best the brightest economic minds in the world can come up with, well with all things being Greek, we might as well pray to Euthenia, the goddess and spirit of prosperity.
"..250 pages of Orwellian double speak and obfuscation."
Too right
these crones in cushy do-nothing jobs have to pontifcate at regular intervals to make them 'be seen' to be relevant to society and doing some work... alot like academia in fact
The IMF, UN, WB, WHO, EU, EC, ECB, etc etc etc have all got to go .....soon
"well with all things being Greek, we might as well" hand out the vaseline ..
The fact that this can't be quantified is beyond shocking...
Gonna be a real shit storm
http://www.youtube.com/watch?v=tjMkqFmRGL4
you cant spell gold without go
It warned that a disorderly exit of one member country would have untold knock-on effects.
And all icelanders yell out as one "Yes freedom from debt slavery"
In other words... the smartest country would be the one tha defaults first...
Gold is Bitch slapped every day....
Fuck You's Bankers.
And little will change until the average co-dependent gold investing wife finally leaves her criminal and abusive paper gold husband.
Agreed, better sooner than later.
Someone is cheesed the dollar can't make any headway above 80.
Would a bake sale help?
India has had its first rate cut in 3 years and was cut by a higher than expected 50 basis points to 8%. This comes despite inflation being higher in March compared to last month surging to 9.47%.
Obviously India isn't fudging there inflation numbers by taking out energy and food from their CPI. Give them time I guess.
Oh really, collapse of the Euro???
NAME ONE PAPER CURRENCY THAT ISN'T COLLAPSING!
Also, someone on ZH should have figured out by now that there is a direct and rigid correlation between the central bankers ability to supress the metals price and their ability to brainwash people into not using real money as, well, money.
If everyone started using real money (metals) today, the entire organized criminal class would be out of business by tomorrow morning. It's not about the daily fluctuation in price, it's about if we use money as money or if we use paper as money. They're just laughing at you all
A Banksters defeatism nightmare, Being forced to Return to Real Money=United States Note=Lawful Money. The real reason you pay an income tax, is for the privilege of using a private currency. Also known As A: Federal Reserve Note, Demand from your bank or brokerage, lawful money and the tax goes away, with a tax exemption on lawful money, all of your money is yours. Use the Remedy within the Federal Reserve Act. http://savingtosuitorsclub.net/ Stop being a Slave!!!!!!
http://www.21silver.com/?show=merrill&read=federal_reserve_act_remedy
Tax Exemption: http://stormthunder.com/federal-reserve-act/ Web search these four different phrases: Redeemed in Lawful Money or United States Note or Redeemed in Lawful Money Pursuant to Title 12 USC §411 or deposited for credit on account or exchanged for non-negotiable federal reserve notes of face value