Now kiddies, the real story so far.....
As the esteemed group of money shufflers stood and stared at the edge of the abyss, there was much hand wringing and wailing, each pondering out loud what shall we do to stem the contagion. There was a faint voice from a group of seven which exclaimed "why don't we do what we always do - tell the masses that we will sell our gold to pay our debts".
Yes, they all cried, we shall create the impression that all is well & good in the world cause we have all this gold to sell, and shall distribute the proceeds to the worlds needy. The needy in this case being the money shuffling banks, who had taken a good hiding from adding too many noughts to their fractional reserves, only to be told by a small group of house owners in the US that they wern't able to pay back those noughts afterall, good bye, see you later, thank you very much, the party was great while it lasted!
So off the group excitedly went, eager to get to THE VAULT where all their gold had been kept. As the huge metal doors swung open the excitement turned to amazement. Instead of a gleaming mass of useless gold there was but only a handfull of gold bars, and even they had a sticker on them saying "sold - hold for pick-up".
The mood turned to anger as each accused the other of not being truthfull about how much gold they actually had. As it turned out, the money shufflers were not only hopeless at money shuffling, but were also bad at gold shuffling.
The moral of the story? The transfer of wealth is now excellerating, and gold will be prone to larger swings as the global forces involved asert their financial muscle - who shall prevail?
The IMF's 400t is chicken feed in this climate, it will be easily absorbed.
Buy the dips?