Lewa Pardomuan and Lesley Wroughton
Thu Feb 18, 2010 8:15am EST
SINGAPORE/WASHINGTON (Reuters) - The International Monetary Fund said it will soon begin phased sales of 191.3 tonnes of gold to the open market, a move that has called into question demand for bullion from official sector buyers.
$A closes lower on IMF plan to sell gold
The Australian dollar ended lower on Thursday as plans of the International Monetary Fund (IMF) to sell a portion of its gold holdings lowered commodity-driven currencies.
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Friday, February 19, 2010
In regards to whether or not China truly sold down its holdings of U.S. treasuries recently, the situation remains a bit murky. But Citi’s Alan Heap thinks it happened for sure.
Moreover, he thinks China has a plan for the cash they pulled out of the U.S. — They’ll use it to buy 191 tonnes of gold from the IMF.
Why China and India Want the IMF to Sell Its GoldThere has been a considerable uproar over the fact that both India and China have asked the IMF to sell all its gold.
These nations are desperately trying to diversify their dollar holdings and what better way to do that then to stockpile gold. In fact, there are reports that China is stockpiling copper; it is only a matter of time before reports of Chinese stockpiling gold are “leaked.” Moreover, a sale of IMF gold to China, India or the GCC would transfer the metal from relatively weak hands to stronger hands.
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