tag:blogger.com,1999:blog-538730199298720474.post7827658490352052296..comments2023-07-18T12:32:15.950+03:00Comments on Monetary research, official sources and relevant material: IMF - Gordon Brown about UK gold sales - Transcript of a Press Briefing@mortymer001http://www.blogger.com/profile/13047624328777522777noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-538730199298720474.post-12515491276223384992011-09-01T10:05:41.474+03:002011-09-01T10:05:41.474+03:00Blondie, look at members at that time:
Members of ...Blondie, look at members at that time:<br />Members of the Committee and their alternates<br />• Andrew Crockett (Chairman)<br />• Mohamed A. El-Erian<br />• Alan Greenspan<br />• Tito Mboweni <br />• Guillermo Ortiz <br />• Hamad Al-Sayari <br />• Jean-Claude Trichet <br />• Zhou Xiaochuan@mortymer001https://www.blogger.com/profile/13047624328777522777noreply@blogger.comtag:blogger.com,1999:blog-538730199298720474.post-43895043206941407392011-09-01T09:22:09.214+03:002011-09-01T09:22:09.214+03:00A good spot Blondie. Last night posts I planned to...A good spot Blondie. Last night posts I planned to go today through as that is how I do it often...<br />I was aware of those restitutions from Articles where it is written differently and it did not appear the way you write... but Your find and conclusions are very good. <br />The Crockett Commitee is quite a center of happening, as it seems, it has been on my spotlight for sometime, trying to figure out how/if the IMF unwind or how SDR could morph into something else... It still has potential and is valuable institution, best int respected org. We have so closing it does not make sense FWIW.<br /> I did not got there (CC) yet and was postponing it trying to figure out the IMF.<br />...In articles it is mentioned how the closure of membership goes, how to dispose obligations, ballance accounts etc... Will send you links.<br />It puzzled me what will happen to the 2814t if ECB & their CBs would walk away. It writes that it stays at IMF. So dispensing it totally? i do not think so.<br />Will link it for you later as writing from phone.@mortymer001https://www.blogger.com/profile/13047624328777522777noreply@blogger.comtag:blogger.com,1999:blog-538730199298720474.post-54174492437539186842011-08-31T12:08:19.074+03:002011-08-31T12:08:19.074+03:00From the Crockett Report:
"Gold sales have s...From the <a href="http://www.imf.org/external/np/oth/2007/013107.pdf" rel="nofollow">Crockett Report</a>:<br /><br /><i>"Gold sales have some well-known drawbacks...<br />.<br />.<br />The fact that gold holdings have a substantial component of unrealized value can be seen as a reserve against unforeseen contingencies.<br />.<br />.<br />In all matters related to gold sales, public communication would have to be handled with great care.<br />.<br />.<br />... the Fund’s gold holdings are, in a broad sense, the joint property of the membership. (To the extent that the gold in question is gold that the Fund held at the time of the Second Amendment, this gold represents primarily the proceeds of contributions of countries that were members at the time of the Second Amendment. It is for this reason that one of the options provided in the Articles for the disposition of this gold is restitution to these members at the price of SDR 35 per ounce.)<br />.<br />.<br />Post-Second Amendment gold is not subject to “restitution” at the Second Amendment price of SDR 35 per ounce. This is because, under the Articles, the restitution option is only available for the sale of pre-Second Amendment gold to countries that were Fund members at the time of the Second Amendment—reflecting the fact that this gold is derived mainly from quota payments that had been made by these members."</i><br /><br />I take this discussion of restitution to mean that the IMF has sold all the gold it can at market prices in the 403mt sales; any other sales from the IMF gold reserves can be made only after giving members who funded the IMF's gold reserve prior to the second amendment first right of refusal,<i> at SDR35 per ounce.</i>Piripihttps://www.blogger.com/profile/03271512349186616514noreply@blogger.com