Thread: IMF completes sale of 403 tonnes of gold

IMF completes sale of 403 tonnes of gold

Tue Dec 21, 4:39 pm ET

WASHINGTON (AFP) – The International Monetary Fund said Tuesday it had completed the sale of more than 403 tonnes of gold, part of a two-year drive to shore up the multinational lender's finances.

There were no immediate details of the final sale, but the IMF has previously announced the sale of 200 metric tonnes to India, ten tonnes to Mauritius, ten tonnes to Sri Lanka and ten tonnes to Bangladesh.

The sale to those countries was said to be around 7.6 billion dollars.

IMF members agreed in 2008 that the fund could sell an eighth of its gold assets in order to diversify its financial model so that it no longer relies on lending.

The fund is one of the world's largest holders of the precious metal.

http://news.yahoo.com/s/afp/20101221/bs ... 1221213932

They want to sell all of the gold they can before the gold bubble burst.