Forex Daily: International Monetary Fund

Wed, 04/09/2008 - 10:29 — Damien Bluestone

The International Monetary Fund (IMF) plans to sell some of its gold assets to shore up the troubled financial market. The IMF hopes to raise in the region of $6bn (£3bn) from the sale, approximately 12.97 million ounces which equates to around 12% of its gold holdings.
Gold’s price has been steadily rising over the past few months as traders look for havens to protect their money from the unstable financial markets.
The IMF can only sell the gold if it gets approval from the US Congress and many of the 185 countries that are members of the organization.
IMF officials have commented the sale would most likely take place over several years, this is to avoid any market disruption.

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