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International Monetary Fund to sell over 403 tons of gold

Posted By admin On September 20, 2009 @ 5:24 am In Money Watch | Comments Disabled

AFP [1]
Sunday, Sept 20th, 2009

The International Monetary Fund said its executive board endorsed the sale of 403 tons of gold, worth an estimated 13 billion dollars, to boost its lending capacity to poor countries.

The IMF said in a statement the sales would be “in a volume strictly limited to 403.3 metric tons, with these sales to be conducted under modalities that safeguard against disruption of the gold market.”

The 186-nation institution said the decision was a core element of a new income model to make it less dependent on its lending revenue to cover expenses, such as surveillance of members’ economic and financial policies, that the board had approved in April 2008.

The Group of 20 key developed and developing countries, at their April summit in London, agreed the gold sales should allow the IMF to offer favorable conditions on loans to the poorest countries.

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[1] AFP: http://rawstory.com/08/news/2009/09/19/international-monetary-fund-to-sell-over-403-tons-of-gold/

[2] Image: http://prisonplanet.tv/signup.html

[3] Gold Tumbles As IMF Reaffirms Plan To Sell 191.3 Metric Tons Of Gold Over Time in Phased “On-Market” Gold Sales: http://www.prisonplanet.com/gold-tumbles-as-imf-reaffirms-plan-to-sell-191-3-metric-tons-of-gold-over-time-in-phased-on-market-gold-sales.html

[4] International Monetary Fund says EU’s Eastern European members should join euro: http://www.prisonplanet.com/international-monetary-fund-says-eus-eastern-european-members-should-join-euro.html

[5] IMF Resumes Direct Gold Dumping, Sells 10 Tons Of The Shiny Metal To Bangladesh: http://www.prisonplanet.com/imf-resumes-direct-gold-dumping-sells-10-tons-of-the-shiny-metal-to-bangladesh.html

[6] Chart Of The Day: Chinese November Gold Imports Soar To 91 Tons; 2012 Total 720 Tons: http://www.prisonplanet.com/chart-of-the-day-chinese-november-gold-imports-soar-to-91-tons-2012-total-720-tons.html

[7] Gaddafi regime sold 29 tons of gold: http://www.prisonplanet.com/gaddafi-regime-sold-29-tons-of-gold.html

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