IMF plans gold sale to raise $6bn

A couple of questions from a novice:

It is my understanding that when you buy gold, you don't get the metal, but instead a certificate of some kind. Is this true?

I thought the IMF was an international organization. Why, then, does this sale require the approval of the US Congress?

reply to post by jsobecky


Because the Gold doesn't belong to the IMF, it belongs to the member states and they have to agree to a sale. Here is a great article on how the IMF has been used to manipulate gold since Nixon destroyed the gold ties that kept world currencies stable.
www.financialsense.com...

Six bil is chump change to the IMF. They must be doing this for other reasons.