IMF Approves Selling 400 Tons Of Gold

IMF Approves Selling 400 Tons Of Gold

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Washington (AHN) - The executive board of the International Monetary Fund has approved the sale of some 440.3 tons of its gold supplies in a wide-ranging financial overhaul and to replenish its depleting coffers.

Dominique Strauss-Kahn, IMF managing director, welcomed the board's move on Monday, the action seen as a buffer to the expected $400 million budget deficit the Washington-based lending institution could experience in the next few years.

The board is projecting to generate at least $11 billion from the sale of at least 12 percent of its gold reserve. The money to be generated from the sales would fund the reorganization of the IMF and finance lending to needing countries.

Strauss-Kahn said it will also shore up diverse investments to generate income.

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Sell your gold shares the markets going to be flooded if International Monetary Fund gets congressional approval. If you beleive them when they say "However, the IMF said the sale of the gold will be carried out in several transactions over several years so as not to affect the international gold market." Youll also beleive the economy is rebounding and doing great.

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[edit on 8-4-2008 by JBA2848]

Already being discussed here IMF plans gold sale to raise $6bn