Is Another IMF Gold Sale Fiasco in the Works?
Last Friday, June 11, French President Macron made a proposal at the G-7 meeting that member nations of this group each contribute gold to the International Monetary Fund (IMF). The stated purpose of this action was to fund greater aid to African nations.
The G-7 is an informal group of seven of the world’s advanced economies: Canada, France, Italy, Japan, the United Kingdom, the United States, plus representatives from the European Union.
In my judgment, this call for aid to African nations is a misleading smoke screen. Instead, this proposal has all the signs of being a thinly disguised move to suppress gold and silver prices.
The G-7 nations since early 2020 have ramped up spending by trillions of dollars as part of the campaign to overcome the COVID-19 pandemic. Does it make sense that these same governments are now unable to scrape together a few billion dollars more for foreign aid using the same strategies they have recently used to spend trillions? And,
