Source:
fxstreet Mon, Feb 25 2008, 15:04 GMT
http://www.afxnews.comWASHINGTON (Thomson Financial) - The US Treasury, in a significant policy shift, has decided it will support gold sales from the International Monetary Fund's reserves if they are part of a package of cost-cutting and other reforms of the way the international financial organization operates.
Under Secretary for International Affairs David McCormick will lay out the details in a Washington speech later today. In a pre-address briefing for reporters, he said the Bush administration -- which had until now opposed selling IMF gold reserves -- would support a sale of the scale of roughly 8 pct of the IMF reserves or 12.9 mln ounces as part of a package of reforms which also included significant cost-cutting in IMF operations.
The proceeds would be used to create an endowment from which the income would be used to finance the IMF operations.
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Read more:
http://www.fxstreet.com/news/forex-news/article.aspx?StoryId=62d86c6c-030f-438a-b649-07fbc877cc90
Let the Great Gold Robbery begin.
"The proceeds would be used to create an endowment from which the income would be used to finance the IMF operations."
Give me a break!