Niban, my feeling is that we will see on market gold auctions...

Niban, my feeling is that we will see on market gold auctions like the 70s.

*******************

The profits from the gold auctions were placed in a trust fund to be used for balance of payments loans to developing countries on concessionary terms. In addition, a share of
the profits proportional to the size of a country's quota on August 31 was also transferred directly to each developing country. After the effective date of the Second Amendment on April 1, 1978, developing countries were permitted to take their share of the profits from gold sales in gold instead of currencies by submitting a noncompetitive bid in the gold auctions.
The IMF held a total of 45 auctions over 4 years.

The exact terms of sale, including pricing method, place of delivery, minimum acceptable amount to be bid, and period
allowable for payment, changed over the course of the 4-year auction program.
The IMF's first gold auction was held on June 2, 1976; the last, on May 7, 1980.
Initially, 780,000 ounces of gold were offered for sale at 6-9 week intervals. Beginning in March 1977, sales were set for the first Wednesday of each month, and the volume on
offer was reduced to 525,000 ounces (16.3 tons). In June 1978, the amount for sale at each auction was reduced to 470,000 ounces (14.6 tons); in June 1979, to 440,000 ounces (13.8 tons).
Bidders were major private gold market dealers, and the IMF's auctions became a regular feature of the gold market. The amount of gold bid at each auction exceeded the
amount offered.
The profits from the IMF's gold auctions of the late 1970s were deposited in a separate Trust Fund which was used for the benefit of the IMF's poorer members. In
addition, voluntary contributions and loans from other members plus income from investments and repayments of past loans made up the balance of Trust Fund resources.
Seven members of OPEC (The Organization of Petroleum Exporting Countries) -- Iraq, Kuwait, Libya, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela -- made
irrevocable transfers of their share of the profits from the gold sales to the Trust Fund. Yugoslavia transferred one-third of its share of gold sale profits; Romania made a loan to the Trust Fund equal to 10% of its share of gold sale profits. The total value of these transfers amounted to $125 million. The Trust Fund was established on May 5, 1976.

*****************

Note that Congress have also allowed the IMF to participate in off market transactions as per the 1990s -

******************
In the late 1990s, limited gold-sales were proposed to finance the IMF’s initial contribution to the Heavily Indebted Poor Countries (HIPC) initiative. Due to the concerns raised above, the Clinton Administration and several members of Congress strongly objected to these plans, and a compromise was reached at the September 1999 IMF annual meetings, which authorized offmarket transactions in gold of up to 14 million ounces to help finance IMF participation in the HIPC program. Between December 1999 and April 2000, transactions involving a total of 12.9 million ounces of gold were carried out between the IMF and two members, Brazil and Mexico, that had financial obligations to the IMF. Gold was sold at the market price and profits were placed in a special IMF HIPC account. At the same time, the IMF accepted back the gold sold to Brazil and Mexico in settlement of their financial obligations to the Bank. The result was that the
balance of the IMF’s holdings of physical gold remained unchanged, although its usable resources shrank.
**************