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NEW YORK (MarketWatch) - Leaders from the Group of 20 nations Thursday endorsed the International Monetary Fund's plan to sell 403 tons of gold to raise funds to support the world's poorest countries
The IMF, which holds more than 3,200 tons of gold, is the third-largest holder in the world after the U.S. and Germany.
Most of the IMF's gold holdings come from the fund's member countries, which are required to commit 25% of their quota in gold. The fund can't sell those holdings into the m
Originally posted by disgustedbyhumanity
The world mined 267 tons last year, so this represents about 1.5 years of gold production.
The IMF Executive Board has now approved those gold sales. Now the head of the IMF, Dominique Strauss-Kahn, has said "These sales will be conducted in a responsible and transparent manner that avoids disruption of the gold market.
"Most importantly, the sales are strictly limited to 403.3 metric tonnes, which is one-eighth of the fund's total holdings, so the IMF will continue to hold a relatively large amount of its assets in Gold."
Prior to selling this gold on the open market, the IMF is prepared to sell the gold directly to central banks or other official sector holders. These sales to official sector holders will be conducted at market prices and would shift official gold holdings without changing total official gold holdings.
Originally posted by OBE1
This IMF sale still needs congressional approval. If it happens , it will be conducted in accordance with the existing Central Bank Gold Agreement , and will simply shuffle Gold between the IMF vault - and - world central bank vaults [see China].
IMF sells 200 tonnes of gold to India
The International Monetary Fund announced Monday the sale of 200 tonnes of gold worth 6.7 billion dollars to India's central bank to shore up IMF finances.
The sale to India was nearly half the amount that the Fund has targeted for sale over the coming years.
Originally posted by Maxmars
Their priming the pump.... of course, we should not be expected to benefit from it.