Gold // Current

Peter Schiff “Gold Could Hit $5000/Everything Government Is Doing Weakens The Dollar”

http://www.peacefreedomprosperity.com/?p=2889 9/17/2009 Fox Business Peter Schiff... more

shanklinmike
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1 day ago
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Exclusive Interview: Jim Rogers on Gold, Bubbles, Commodites, Equities, and Roubini

World-renowned investor Jim Rogers explains why Nouriel Roubini's calls on oil and... more

WallStCheatSheet
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2 days ago
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Iron age gold worth £1m unearthed in Scotland

Not bad for a first-timer, as four neck ornaments worth an estimated £1m, dating from... more

smurph25
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7 days ago
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Black Gold – Breakdown (Fan Video)

Black Gold’s new video, Breakdown, from their latest album, Rush on Red Bull Records.

IgnitionVM
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19 days ago
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Sell Fort Knox Now !

Simple and effective. Sell Fort Knox Gold, all of it ! Equally dispense it to every... more

NetSavyGuy
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20 days ago
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Golden Prospects!!!

Gold prices are through the roof! The hot commodity experienced record high closing... more

bryanblack
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23 days ago
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Smoke and Mirrors: Dow 10,000 is 7,537 in Real Terms

Partying like it's 1999? Well, it's much worse when we use math skills beyond... more

WallStCheatSheet
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28 days ago
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Should you Invest in Gold?

Should you Look at Investing in Gold? Gold has always brought wealth and riches to... more

mikerowan
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29 days ago
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World's Biggest Golden Coin of 1 Million Dollar

Here is some amazing pictures of rarest and World's Biggest Golden Coin amounting to... more

godzila
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1 month ago
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Scientists discover bacterium that transmutes gold, were the alchemists right?

Gold is in the news, not only because of its record high at $1,060 an ounce according... more

elle35
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1 month ago
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Gulf Officials Deny Plan to Replace Dollar - WSJ.com

DUBAI -- Arab officials in the Persian Gulf strongly denied Tuesday a report that... more

vincius
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1 month ago
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Gold price rises to all-time high

The price of gold has hit a new all-time high of $1,036.60 an ounce after a decline in... more

remanns
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1 month ago
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Anglo-Saxon Gold Video

The largest hoard of Anglo-Saxon gold ever found has been unearthed on farmland in... more

remanns
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1 month ago
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Saxon-Gold Find With Video

The largest hoard of Anglo-Saxon gold ever found has been unearthed on farmland in... more

remanns
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1 month ago
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Amazing Anglo-Saxon Treasure Found By British Piker!

"This is just a fantastic find completely out of the blue," Roger Bland, who managed... more

remanns
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Factsheet -- Gold in the IMF/imf.org

Gold played a central role in the international monetary system until the collapse of the Bretton Woods system of fixed exchange rates in 1973. Since then, the role of gold has been gradually reduced. However, it is still an important asset in the reserve holdings of a number of countries, and the IMF remains one of the largest official holders of gold in the world. Consistent with the new income model for the Fund agreed in April 2008, on September 18, 2009, the IMF Executive Board approved gold sales strictly limited to 403.3 metric tons, representing one eighth of the Fund’s total holdings of gold. Resources linked to these gold sales will also help boost the Fund’s concessional lending capacity.

How the IMF acquired its gold holdings
The IMF holds 103.4 million ounces (3,217 metric tons) of gold at designated depositories. The IMF’s total gold holdings are valued on its balance sheet at SDR 5.9 billion (about $9.2 billion) on the basis of historical cost. As of August 28, 2009, the IMF's holdings amounted to $98.8 billion at current market prices.

A portion of these holdings was acquired after the Second Amendment of the IMF’s Articles of Agreement in April 1978. This portion, amounting to 12.97 million ounces (403.3 metric tons) with a market value of $12.4 billion as of August 28, 2009, is not subject to restitution to IMF member countries (see below), unlike gold the IMF acquired before 1978.

The IMF acquired the majority of its gold holdings prior to the Second Amendment through four main types of transactions.

First, when the IMF was founded in 1944 it was decided that 25 percent of initial quota subscriptions and subsequent quota increases were to be paid in gold. This represents the largest source of the IMF's gold.
Second, all payments of charges (interest on member countries' use of IMF credit) were normally made in gold.
Third, a member wishing to acquire the currency of another member could do so by selling gold to the IMF. The major use of this provision was sales of gold to the IMF by South Africa in 1970–71.
And finally, member countries could use gold to repay the IMF for credit previously extended.Gold played a central role in the international monetary system until the collapse of... more