The International Monetary Fund announced that it will be selling another 191.3 tons of gold yesterday, a repeat of the action that failed to delay the gold bull market in the 1970s and indeed actually achieved the reverse effect.
‘This is a duplicate of the IMF action in the 1970s,’ commented veteran gold trader Jim Sinclair on his website. ‘It turned out to be the most positive event as each time the IMF held an auction of their gold they facilitated entry for large investors at singular prices.
‘It will be no different this time around. Gold will rise because of IMF selling as it did in the 1970s. I assure you that history will repeat itself on the same circumstances.’
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