The International Monetary Fund will sell off 191.3 metric tons of gold it has lying around in “phases” so that it won’t disrupt markets. Too bad no matter what the IMF says, the move will no doubt drive the price of gold lower.
Dow Jones (via Zerohedge):
The IMF noted that central banks in Europe have said they can accommodate the fund’s gold as part of their scheduled sales in the Central Bank Gold Agreement.
The IMF board approved sales of 403.3 metric tons of gold in September to create a more stable income model and boost support for low-income countries. About 212 metric tons have already been sold off-market to central banks of India, Mauritius and Sri Lanka.
The IMF didn’t rule out further off-market sales, which would reduce the amount sold to the market.