Tuesday, June 1, 2010

IMF Selling GOLD- The International Monetary Fund sold about 14.4metric tons of gold in April,

WASHINGTON (Dow Jones)--The International Monetary Fund sold about 14.4metric tons of gold in April, according to the fund's monthly report on gold holdings.The IMF has been gradually selling some of its holdings onto the market indecent months, coordinating the effort with regularly scheduled sales by European central banks in order to avoid market disruptions.The sales are part of the IMF's plan to offload 403.3 metric tons of gold to create a more stable income model and boost support for low-income countries.About 212 metric tons were sold off-market to central banks of India,Mauritius and Sri Lanka in November, and the fund said in February it would begin phased sales to the market of the remaining 191.3 metric tons.The price of gold has soared this year as investors seek safe assets amid concerns about sovereign debt troubles in Europe. Spot gold hit a record high of $1,249.40 per ounce last month.Spot gold was recently quoted at $1,223.30 per ounce.The IMF didn't disclose how much it received for the gold in its monthly International Financial Statistics report, but provided an end-April gold price of $1,179.25 an ounce.

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