G7 approves IMF gold sales - Italy econ minister

G7 approves IMF gold sales - Italy econ minister

in.reuters.com

TOKYO (Reuters) - The Group of Seven rich nations on Saturday approved the sale of gold by the International Monetary Fund from April as part of a broad reform of its budget, Italian Economy Minister Tommaso Padoa-Schioppa said.

Morgan Stanley analyst Stephen Jen said the Fund held 103.4 million ounces of gold worth some $92 billion at current market prices. That was up from $23 billion just five years ago.

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Now that's a lot of gold. I (along with millions of other people) suspected most of the gold had been withdrawn from Fort Knox but I had no idea the IMF had this much...nor that the needed approval in order to sell it.

They've made quite a profit over the last few years with their gold.

Apparently the recession has had enough of an effect on the IMF that they need to sell some of the precious metal in order to increase their cash flow.

in.reuters.com
(visit the link for the full news article)