Skip to: Content
Skip to: Site Navigation
Skip to: Search

August 20, 2008 5:16:34 PM CDT

Learn about Newser Points »

« Back to the grid | Next story »

IMF OKs $11B Gold Sale

Posted Apr 8, 08 2:40 AM CDT in World,  Business 

(Newser) – The International Monetary Fund has approved the sale of 400 tons of gold from its massive reserves for an expected $11 billion, the Financial Times reports. The global lender also plans to slash up to 15% of its workforce to improve its finances, which have been hit by falling demand for emergency loans. The IMF is aiming to move away from lending to take on a more advisory role.

The sale, which must be approved by the US Congress and legislatures in other countries with IMF membership, will be carried out over several years to avoid playing havoc with the already volatile price of gold. The gold sale represents an eighth of IMF's reserves. One expert said the sale was "an encouraging move," although there is some disagreement on how the revenue should be spent.

Source Financial Times (UK)

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon

Related Newser Stories

  • Serial Thieves Swipe $2.5M in JCPenney Gold

    May 14, 08 11:17 AM CDT
    Serial Thieves Swipe $2.5M in JCPenney Gold California police are hunting a gang of gold thieves raiding JCPenney stores across the state, the Los Angeles Times reports. The gang has struck 11 times in 18 months to grab $2.5 million in jewelry, and they've been getting busier as the price of gold continues to climb. Cops aren't sure why the brazen thieves keep hitting JCPenney stores but suspect one of the culprits is an insider. More »

  • Eureka! New Gold Rush Is On

    Apr 5, 08 11:39 AM CDT
    Eureka! New Gold Rush Is On A new generation of prospectors is partying like it’s 1849: Record prices and a simple desire for outdoor fun are drawing thousands westward in a new gold rush, the New York Times reports. “Anywhere gold has been found in the past, that’s where they’re going again,” says a gold guru whose organization’s membership has ballooned 40% in the past few years. More »

  • Oscar Gold Glitters, Costs a Mint

    Feb 22, 08 11:23 AM CST
    Oscar Gold Glitters, Costs a Mint They’re worth their weight in gold to actors. And this year’s Oscars—carrying a gilding of pure gold—will cost the Academy of Motion Picture Arts and Sciences about $500 each, up $100 from last year's 13 1/2-inch tall, 8 1/2-pound statuettes. The price of gold has soared to record levels, reports Bloomberg, as investors looking for safe haven make the metal ever more precious. More »

  • At $832 an Ounce, All That Glitters Is Gold

    Nov 12, 07 3:05 PM CST
    At $832 an Ounce, All That Glitters Is Gold Gold’s lure as a safe haven from economic upheaval has Wall Street worried that investors are turning their backs on the markets, reports the LA Times. Gold prices have pushed steadily toward $850 an ounce, a level it hasn’t seen since 1980. "The markets' statement is that the US has lost its way," said one economist. More »

International Monetery Fund Managing Director, France's Dominique Strauss-Kahn, left, shakes hands with his outgoing predecessor, Spain's Rodrigo de Rato, athe IMF's Washington headquarters.   (AP Photo/Charles Dharapak)
The IMF plans to sell off more than 400 tons of gold as part of an effort to shore up its finances.   (AP Photo/Newmont Mining, file)
Gold has been rising to record-breaking prices recently and the IMF, with the world's third-largest reserves, plans to conduct its sale over several years to avoid disrupting the market.   (AP Photo/Nick Ut)
« Prev« Prev | Next »Next » Slideshow

Threads (1 of 1)

Tags

banking  • global economy  • gold  • IMF  • gold prices


Loading...

Premium Articles from HighBeam

Find more articles like this

Today's Most Popular


Other Business Stories

What is Newser?

2008 Codie Finalist

Newser gives you more news in less time. We search for the best and most important stories all over the web, read them for you, and deliver concise and sharp summaries—along with links to the full text. Newser provides a way to stay on top of an ever-expanding horizon of news and opinion—politics, sports, business, trends, technology, personalities, crimes, and controversies. Newser keeps you not just better informed, but, with our signature graphic interface and smart condensed format, more enjoyably informed.

Learn more »