Tuesday, November 2, 2010
IMF sells another 32 tonnes of Gold
By Lawrence Williams, mineweb.com:
Posted: Saturday , 30 Oct 2010
The gold price managed its big upwards move in September despite signs that the IMF is managing to accelerate its gold sales programme - and the price has held up well in October in spite of the continuing IMF sales programme.
According to a Reuters report yesterday the International Monetary Fund said that it had sold no less than 32.3 tonnes of gold in September under its announced sales programme to release 403.3 tonnes onto the market in an orderly manner. India very much started the ball rolling with a purchase of 200 tonnes in late 2009 and a number of other Asian countries have also purchased much smaller amounts for their reserves. Almost a third of the latest sale was to yet another Asian country - this time Bangladesh - which bought 320,000 ounces (just under 10 tonnes).....read on