Central Bank Sales over the Next 19 Months to Reduce by 400 Tonnes? - GoldSeek.com

When it was learned that the Treasury was to support the sale of 400 tonnes of gold all were surprised. We realized that Congress would still have to be asked to approve the sale. When the mist cleared and we saw in sharp focus what lay ahead we realized that much more needed to be done before the sales became a reality. These are the steps still to be overcome for these sales to take place:

1. The I.M.F. must trim their staff, by 15%. This is not a quick action?

2. The U.S.A. must get the approval of Congress; an approval that was denied them in the past.

3. They must get the approval of 85% of their members and the U.S.A. accounts for 17% of the votes. They must find another 68% of their members in favor.

4. They must organize their sales as below.

Should these obstacles be overcome at some point in the future, the proceeds would then be used to finance an expected income gap in this fiscal year of about U.S.$224m and the balance be placed in a fund from which the income can be used to fund the I.M.F.’s overheads.

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