IMF Gold Up For Sale

It has been a bad week for the International Monetary Fund. Earlier this week to a plan was agreed upon which would see the Fund sell about 403 metric tons of its gold (13 million ounces or so) to raise US$11 billion over the next few years. The Fund publishes research on the global economy.
An urgent question is whether IMF gold sales will depress the gold price. The Fund has 3,217 metric tons of gold in its reserves and is a formidable potential seller/price depresser of the yellow precious metal. Gold, however, closed up in the futures trading by 2.1% to finish in New York at US $937.50.
If the U.S. dollar keeps making pathetic new lows investment demand for gold as an inflation hedge will continue. A report published yesterday said gold would reach a “peak” between US$1,100 and US$1,200 either late this year or early in 2009.
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