Cadangan Emas IMF

Seminggu berlalu setelah adanya berita bahwa dalam pertemuan negara G7 di Jepang, panel merekomendasi penjualan emas IMF sebesar 400 ton, untuk menutup defisit neraca dalam pemulihan ekonomi negara-negara miskin.

Berita seperti ini tentunya akan berpengaruh pada harga emas, dan secara logis akan membawa pergerakan harga emas ke bawah. Hal yang juga mempengaruhi penekanan harga emas minggu ini adalah berita tentang menurunnya permintaan emas secara fisik karena harga yang tinggi. Peran pasar India dalam hal ini cukup besar.

Namun beberapa cuplikan artikel dibawah ini yang dikutip dari tulisan Adrian Ash, rupanya perlu kita amati:

Would selling some IMF gold help push the gold price lower -- and, by extension, help the US dollar to recover? It's been tried before, and with little success. Between 1976 and 1980, the IMF sold gold in a bid "to reduce the role of gold in the international monetary system." The IMF unloaded one-third of its total gold holdings -- 1,600 tonnes in all.

But trying to cut gold out of the world's monetary system did nothing to stem the flight of investment cash into gold. To the contrary, during the four years that the IMF conducted its auctions, the gold price soared by 400%.

"Every time the IMF has sold gold it has actually triggered more buying interest," says Mario Innecco, a broker at MF Global in London, to Bloomberg. "It will just make it easier for the big sovereign buyers" -- the big central banks outside the G7 that want to build up their gold reserves -- "to snap up cheap gold from the IMF."

The IMF's sales would also make it easier for individuals to snap up cheap gold. The last time the IMF unloaded some of its gold, the price of the precious metal soared 400%. We would not dare to predict a repeat performance, but neither would we dare to rule it out. Instead, we would ask one simple question: If the IMF is dumping gold, what do you want to be doing?

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