Is the IMF's Gold Really There?
Source: Free Gold Money Report, James Turk (5/5/10)
"Is this gold really nothing more than phantom bookkeeping entries?"
Instead of owning gold, the IMF may just own claims to the portion of the "Gold and Gold Receivables" that was 'paid' to the IMF as subscriptions for membership by the countries that joined the IMF. In other words, through their central banks, countries have given a claim to the IMF for the gold reserves they have in their vault, if any, and the gold they have removed from the vault to loan to bullion banks as a fundamental tool of the gold price suppression scheme so thoroughly and painstakingly documented by GATA since its founding more than 10 years ago.
So does the IMF really own gold? Or does it only own claims to gold, some or all of which has been removed from central bank (CB) vaults and loaned?
So instead of straightforward answers from the IMF, we need to rely on bits and pieces of evidence that become available, which we can then ponder to reach a logical conclusion. In other words, even though the IMF may be loathe to admit it, 1+1 still equals 2.
It was therefore startling to read some important anecdotal evidence about IMF accounting practices in today's Wall Street Journal. In an article entitled Who's on the Hook for the IMF's Greek Bailout?
If countries don't even transfer to the IMF the national currencies these countries can create out of thin air with bookkeeping entries, are they really going to transfer to the IMF the physical gold they hold in reserve and simply pledged to the IMF?
I think we can therefore safely conclude why the IMF flatly refused to answer some simple but pointed questions about the state of its gold holdings from reporter Vince Veneziani of Business Insider. The IMF doesn't have any gold.