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Gold/Mining/Energy : Gold Price Monitor

GDXJ 128.04

+0.7%

Jan 16 4:00 PM EST

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To: long-gone who wrote (98822)	4/8/2008 1:46:31 PM
From: lorne	Read Replies (2) of 116874

IMF decides to propose sales of 403.3 tons from gold holdings+ Apr 7 05:43 PM US/Eastern breitbart.com WASHINGTON, April 7 (AP) - (Kyodo)—The International Monetary Fund said Monday it has decided to propose a new plan to bring its debt-plagued finances back into line that features putting 403.3 tons of its massive gold holdings up for sale. IMF Managing Director Dominique Strauss-Kahn welcomed the IMF's Executive Board decision to present the plan to narrow an annual gap between income and expenditure of around $400 million within a few years. It is "a landmark agreement that will put the institution on solid financial footing and modernize the IMF's structure and operations," he said in a statement. Despite the decision, it is murky when the IMF can commence its gold sales program as it must receive the go-ahead from the U.S. Congress. The United States is the IMF's No. 1 shareholder. A senior U.S. Treasury official recently signaled Washington's support for the IMF's gold sales after the IMF made serious cost-reducing efforts to cope with its widening income shortfall. But how Congress will respond is another story. Strauss-Kahn said the Executive Board also agreed on a medium-term budget proposal with sharp spending cuts of $100 million over the next three years. A panel of outside experts urged the IMF in January last year to sell 400 tons of its gold reserves to shore up its financial profile for the future. The last IMF gold sales took place in December 1999 and April 2000.

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