The IMF Gold sale explained

[formercia]

A has-been organization that has a Billion dollars per year in overhead and only 600 Million in revenue has to find a way to keep the party going. This is like a drug addict selling their own blood to buy more drugs.

http://www.kitco.com/ind/AuthenticMoney/feb192008.html

There has been a lot of talk of late of potential sales of I.M.F. gold. The more we look at the subject, contrary to our previous view, the more likey it seems possible , but if it does happen, it will not happen again thereafter for solid reasons. If the sales do take place they will happen from September 2008 onwards.

It will still have to get past the U.S. Congress a most formidable and possibly insurmountable obstacle.

The first question that will be asked is just whose gold do they want to sell, after all the gold held by the I.M.F. belongs to each individual nation that contributed it, so how dare the administrative side of the I.M.F. propose selling its members gold and how dare some members of the I.M F. approve of the sale without getting the OK from other members?

--snip--

A very informative read.