Early in the AM of April 1st, 2010 GATA.org (The ‘Gold Anti-Trust Action Committee‘ which is the principle site documenting the manipulation of the Gold Markets) ran an “offer” to sell 191 Tonnes of Gold according to the Same Terms that the International Monetary Fund (IMF) offers it’s Gold to the various Central Banks around the world (which are hard to take seriously, yet they are).
I decided to “take them up on their offer” and sent my offer to them in writing.
They, in turn, replied.
All three exchanges are valuable as they provide a lesson in the Fallacious/Fictitious Accounting and Banking Practices that are….unfortunately….promulgated by the IMF and all the Central Banks around the world.
Enjoy the three exchanges.
1. From GATA.org
GATA will sell 191 tonnes of gold on IMF’s terms but $100/oz cheaper
Submitted by cpowell on Thu, 2010-04-01 04:08. Section: Daily Dispatches
12:13a ET Thursday, April 1, 2010
Dear Friend of GATA and Gold:
The Gold Anti-Trust Action Committee today offered to sell 191.3 tonnes of gold, tonnage equal to that remaining to be sold by the International Monetary Fund, on the same terms offered by the IMF except $100 per ounce below the London PM gold fix price on the day prior to purchase.
GATA Chairman Bill Murphy said his organization could provide a better price for the metal because it recently had received a gift of expensive hundred-year-old certificate paper originally intended for use as Chinese railroad bonds and because, in selling the gold, the organization, unlike the IMF, would not employ a large staff of publicists to tout the sale to news media throughout the world every day for months in advance.
Except for the discounted price, GATA’s gold sale terms will match the IMF’s:
— After selling the gold, GATA will present the buyers with certificates of ownership while continuing to store the gold using vaults in the United States, Britain, France, or India whose locations are known only to GATA.
— The gold will be audited by auditors chosen by GATA whose reports will be available only to GATA.
— The gold may be resold through GATA as long as it does not leave GATA’s vaults.
— GATA will use some of the gold sale proceeds to assist developing or financially troubled nations but exactly how much is used for that purpose and what’s done with the remainder will be nobody’s business.
— GATA’s sales will be structured to minimize any effect on the world gold market and to this end they will be announced only this once.
— For an additional $250 GATA will have a buyer’s gold certificate tastefully framed.
— Buyers of gold in the amount of $100 million or more will be invited to GATA’s annual Christmas party.
Purchasers should send certified checks payable to GATA in care of your secretary/treasurer at the address below.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee
7 Villa Louisa Road
Manchester, Connecticut 06043-7541
2. From Michael McKay to GATA.org via email, 9:20AM April 1, 2010
Dear Mr Powell,
I would like take you up on your offer to sell to me the “191 tonnes of gold on IMF’s terms but $100/oz cheaper” per your posting on April 1, 2010.
I will be happy to accept your terms.
In payment, I offer my promissory note in the form of this email which will be redeemable when Hell Freezes Over or when the Federal Reserve System renounces the concept of Fractional Reserve Banking and converts to a 100% Gold Reserve Banking System, as promoted by Dr. Murray Rothbard, ( http://mises.org/rothbard/100percent.pdf )whichever comes first.
Of course, I expect that you will use the Gold that I am trusting you to hold as collateral for my note. Thus, if you demand me to pay up on my Promissory Note and I refuse you will reclaim the title to the Gold; that is only just.
I also will take you up on your offer to provide to me, for $250, a framed certificate outlining my ownership of said Gold. I would request that the certificate enumerate the terms of your offer and the conditions that would be employed if I were to default on my Promissory Note.
I will send you a check for the $250 in cash-funds upon your acceptance of this offer which would provide me an estimate of the arrival date of the Framed Certificate.
I remain Very Truly Yours,
Michael McKay, Host
ps. I must send my advance regrets on attendance to your Christmas Party….maybe next year.
3. From GATA.org to Michael McKay via email, 9:27AM April 1, 2010
Hi, Mike: That's a perfectly fair offer -- which is why we could never accept it! cp