Monday 1st Mar 2010
The International Monetary Fund had announced earlier that they would continue to sell the remaining 191.3 tonnes of gold from the planned quantity of 403.3 tonnes and utilize the money to lend to poorer countries.
The sales would be reportedly held in an open market, in a series of phases to prevent Gold Market Price disruptions.
If the sale is compared to the global Gold mines production, it would mean an addition of 8.2 percent which would definitely jolt the market. But then again, most of the yellow metal is bought for holding as an investment vehicle, rather than consuming in the manufacture of various products.
If the IMF sales are to be compared with current gold stockpile of the world, of reportedly around 2 billion ounces. Thus the IMF Gold sale would just bring a negligible 0.3% rise to the global stock.