Central banks don''t have the gold anymore, Sprott''s Embry tells Investor Canada



MILAN, Aug. 27 (Reuters) -- The International Monetary
Fund sees further potential for a depreciation of the
U.S. dollar due to the high U.S. current account deficit,
according to a draft IMF report obtained by Reuters.

"The IMF sees further potential for a depreciation of
the dollar given the high current account deficit," the
draft report said.

It sees the U.S. budget deficit reaching 6.1 percent
of gross domestic product in 2003, with a structural
deficit of 5.2 percent of GDP, and expects only a
slight decline in 2004, according to the draft World
Economic Outlook due to be submitted at the annual
meetings of the IMF and World Bank in Dubai in

The IMF sees U.S. GDP growth accelerating to
3.6 percent in 2004 due to "unprecedented" monetary
and fiscal policy stimulus, adding that growth may be
even stronger than predicted.