A recent update to the IMF’s database has stated that 3.4 million ounces of gold has been placed in the open market, 594,000 of those ounces in August alone, or 108.6 tonnes so far in 2010. This according to an IMF spokesman.
This amount is all a part of a plan announced late last year from the IMF that it was going to sell 403.3 tonnes of gold so they could increase their lending resources. 191.3 tonnes are planned for this year alone. Based on the numbers above, that leaves roughly 82.7 tonnes left to be sold during the final quarter of this year.
The big question is, at what price will gold be at when it hits the market? I’m sure it would be in the best interest of the IMF to have gold at these levels for the final 80 or so tonnes. This would really bolster the lending resources that the IMF controls.
One way to abosorb and view the following report from Reuters;