Our Awful Situation
IMF plans to sell off gold
Get ready for volatility:
The International Monetary Fund (IMF) has proposed selling some of its gold holdings as part of radical plans to shore up its troubled finances.
It hopes to raise at least $6bn (£3bn) from the sale of 12.97 million ounces of gold, about 12% of the total held.
As the IMF’s role as a lender to troubled economies shrinks, so it needs to find other ways to access funds.
Gold has surged recently as traders looked for havens to protect their cash from troubled financial markets.
The gold sale is dependent on approval by US Congress.
It also relies on approval from many of the 185 countries that are members of the Washington-based institution.
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