IMF gold sales clarification welcomed by World Gold Council
The U.S. House of Representatives’ passage of a bill which would effectively allow the IMF to sell 403.3 tonnes of gold has been welcomed by the World Gold Council which feels the sale will have no impact on the global gold market
Author: Lawrence Williams
Posted: Sunday , 21 Jun 2009
FUNCHAL, MADEIRA -
In a statement issued on Friday, the World Gold Council (WGC) says it welcomes the news that the U.S. House of Representatives has, in effect, finalised the process whereby the IMF can sell 403.3 tonnes of gold “in a manner that will have no impact on the smooth running of the international gold market.” The approval was tied to the Military Supplemental Bill which covered additional funding for the Iraq and Afghanistan conflicts for the U.S forces and also approved $108.6 billion in funds to support the IMF in a role to prevent global economic meltdown and the problems which might occur as a result - see: Obama Administration pushes IMF gold sales through House
As it happens there is still another hurdle for the bill to pass and this is through the U.S. Senate, but the tieing of the bill to state security should ensure its passage through the upper house too whatever the Senators’ views on the specific IMF gold sale aspect.
http://www.mineweb.net/mineweb/view/mineweb/en/page34?oid=85262&sn=Detail
That needed to be posted so I did. Thanks!