g7 approves imf gold sales , page-6

The 103 million ounces converts to around 3,500 tonnes.

Under the Washington Agreement official gold sales have been proceeding at around 500 tonnes per year and some big sellers Switzerland/Spain are nearing the end of their selling.

There is probably an allocation of around 200 tonnes per year available and a new seller is required. Obviously the G7 would want their own sales reaonably satisfied before the IMF starts.

The G7 is wedded to fiat currencies so they see no real need to hold gold. These are the people who allowed the sub-prime crisis to unfold so have little faith in their decisions.


Sales of this size [6 million ounces] would generate around $5 billion for the IMF.


Seems like a logical step to keep the market in balance.