Will The International Monetary Fund Sell $13 Billion Dollars Worth of Gold?
The IMF (International Monetary Fund) is apparently mulling over the idea of selling "about 1/8th" of its gold reserves, or about 13 million ounces in total.
Given that gold is currently trading for around $1,000 per ounce, this would work out to being about $13 billion dollars worth of gold.
The IMF have said that they are considering this idea in order to bolster their finances, which will enable them to make more low-interest loans to countries in need.
Should this sale go ahead, the IMF will have no shortage of willing buyers. Countries such as China and Russia are looking to scale out of US dollar-denominated securities, and 13 million ounces of gold would be a great start.
The IMF is the third largest holder of gold in the world, behind the US and Germany. The IMF currently has about 104 million ounces of gold in its reserves.
Source: IMF takes up gold sales to expand lending