Gold News

IMF delays gold sale discussion

The International Monetary Fund (IMF) has delayed a discussion of a possible sale of some of its gold reserves, the AFP news agency reports.

A spokesman for the IMF, William Murray, said that a meeting to discuss financial reform, including possible gold sales, has been put back by a month.

"The current plan is to have a board discussion on the Fund income position in late July," he said.

Earlier this year a panel of experts called on the IMF to sell some of its gold reserves in order to plug a deficit that is expected to climb to $365 million by 2010.

The IMF holds more than 3,200 tons of gold, and would be able to raise around $6.6 billion if it sold 400 tons.

Only the US and Germany hold more gold reserves - 8,100 tons and 3,400 tons respectively.
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