IMF gold sales clearance welcomed by World Gold Council

The U.S. House of Representatives' passage of a bill which would effectively allow the IMF to sell 403.3 tonnes of gold has been welcomed by the World Gold Council which feels the sale will have no impact on the global gold market

Author: Lawrence Williams
Posted:  Monday , 22 Jun 2009

FUNCHAL, MADEIRA

In a statement issued on Friday, the World Gold Council (WGC) says it welcomes the news that the U.S. House of Representatives has, in effect, finalised the process whereby the IMF can sell 403.3 tonnes of gold "in a manner that will have no impact on the smooth running of the international gold market." The approval was tied to the Military Supplemental Bill which covered additional funding for the Iraq and Afghanistan conflicts for the U.S forces and also approved $108.6 billion in funds to support the IMF in a role to prevent global economic meltdown and the problems which might occur as a result - see: Obama Administration pushes IMF gold sales through House

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Mineweb; IMF gold sales clearance welcomed by World Gold Council