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International Monetary Fund to sell another 191 tons of gold

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International Monetary Fund to sell another 191 tons of gold

Post  Shilo on Thu Feb 18, 2010 4:35 pm

February 18, 2010 · Posted in NEWS
Feb. 18, 2010, 6:44 a.m. EST

International Monetary Fund to sell another 191 tons of gold
By Michael Kitchen, MarketWatch

FRANKFURT (MarketWatch) — The International Monetary Fund said Wednesday that it plans to sell 191.3 metric tons of gold on the open market, pushing gold futures and mining shares lower.

The announcement comes after the IMF already sold 212 tons of gold to central banks.

The sales are part of a program to sell a total of 403.3 tons that was approved by the IMF’s executive board last September. The total sale will reduce the fund’s gold holdings by about one-eighth.
Marc Faber: Commodities and Emerging Markets
Marc Faber, managing director of Marc Faber Ltd and Barron’s Roundtable member, anticipates meaningful market correction in 2010. Mining and agriculture will be top performers within commodity sector.

“The top priority in conducting the gold sales is to avoid disruption to the gold market,” said IMF Finance Department Director Andrew Tweedie in a statement.

“Prior to any sales on the gold market, sales were first made exclusively to interested central banks, thus shifting gold within the official sector. Now the IMF will begin sales of the remaining gold on the market. This will be done in a phased way,” Tweedie said.

The announcement sent gold futures to an intraday low of $1,098.10 an ounce.

Gold for April delivery was last down $14 to $1,106.10 an ounce in electronic trading on Globex.

Asian gold miners traded lower on Thursday, with Newcrest Mining Ltd. (ASX:AU:NCM) (OTHER:NCMGF) down 2.3% and Lihir Gold Ltd. (ASX:AU:LGL) (OTHER:LIHRF) off 3.5% in Sydney.

In Johannesburg, shares of AngloGold Ashanti Ltd. (SA:ZA:ANG) (NYSE:AU) fell 1.4%, while those of Gold Fields (SA:ZA:GFI) (NYSE:GFI) dropped 1.3%.

Transactions under the previous tranche of the IMF gold-sale program consisted of a 200-ton sale to the Reserve Bank of India in October, followed by November sales of two tons to the Bank of Mauritius and 10 tons to the Central Bank of Sri Lanka.

The proceeds from the sale of the 212 tons amounted to almost $7.2 billion.

http://www.marketwatch.com/story/imf…ist=beforebell
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