IMF To Buy Gold Worth $2.3 Billion as Credit Risk Increases!
- CommodityOnline.com has corrected this earlier article and here is the corrected article:
IMF stresses need to increase reserves due to rising credit risk!
*** This is an updated and corrected version. The IMF has NOT stated that it plans to buy $2.3 billion of gold as reserves. INSTEAD, the IMF has only stated that it plans to increase its reserves …..
- The FedRes, ECB, IMF, World Bank … and practically all central banks are privately owned Illuminist entities. If gold is so worthless, a ‘barbarous relic’ as some of these central banksters say, why are they buying it? The IMF buying gold is a significant event because western central banks have been selling gold for the past few decades. The Illuminist banksters are preparing for the collapse of the USD and the introduction of their One World Currency backed by gold. Do not be fooled by the latest take down of gold/silver prices. Gold (and silver) will explode upwards soon and it will mark the return of gold into the global monetary system.
IMF to buy Gold worth $2.3 billion as credit risk increases!
NEW YORK (Commodity Online): The International Monetary Fund (IMF) is planning to purchase more than $2 billion worth of gold on account of rising global risks. The IMF currently holds around 2800 tonnes of gold at various depositories.
“The Fund is facing increased credit risk in light of a surge in program lending in the context of the global crisis. While the Fund has a multi-layered framework for managing credit risks, including the strength of its lending policies and its preferred creditor status, there is a need to increase the Fund’s reserves in order to help mitigate the elevated credit risks”, Bloomberg quotes a report by an IMF staff while also adding that a $2.3 billion gold purchase is in the planning.
IMF’s borrowers include Eurozone countries like Greece and Portugal. Greece is IMF’s biggest borrower and the nation is currently caught in a political deadlock that seems bent on denying itself the much needed bailout fund.
Countries like Spain is also officially in recession after its first quarter GDP contracted. Other nations in the Eurozone region is also showing increased signs of slow manufacturing activity and economic growth.
In such a risky financial environment, the IMF’s move could be considered wise and can be seen as an indication of how much trust the mainstream financial community now has on precious metals like gold.
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