Tags: jim | rogers | gold | price

Jim Rogers: IMF Will Cause Big-Time Gold Price Drop

Monday, 04 May 2009 03:30 PM

By Julie Crawshaw

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink

Gold prices will plunge to $700 or lower if the International Monetary Fund sells its gold reserves, says global commodities guru investor Jim Rogers.

"The fact is that IMF is trying to get permission from everybody to sell gold...if and when IMF sells its gold, gold prices may go to a bottom," Rogers told Bloomberg.

"It may go down to U.S. $700,” Rogers says. “IMF has got a lot of gold to sell. If it does, I hope I'm brave enough and smart enough to buy more."

Though Rogers owns some gold, he’s not buying more because the IMF, which is one of the largest owners of gold in the world, “is desperate to sell its gold.”

Economist Judy Shelton says the IMF has been trying to ensure its own survival by seeking permission to sell its gold shares.

“While IMF officials insinuate the receipts would be used to help poor countries, the real goal is to set up a permanent endowment fund for the IMF,” Shelton writes in The Wall Street Journal.

The U.S., Shelton says, should not replenish the coffers of “a multilateral bureaucracy that quite literally lost its reason for being” when President Richard Nixon ended the Bretton Woods agreement that allowed countries to convert their dollar holdings, via the IMF, into gold at a fixed price.

“Congress should call for the IMF's dismantlement and restitution of its assets,” she says.

© 2014 Newsmax. All rights reserved.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Around the Web

Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 

You May Also Like
Around the Web

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved