The International Monetary Fund (IMF) is looking to unload 1/8 of its 3,217 tonnes of gold to increase its ability to lend to poor countries. After the US and Germany, the IMF is the largest official holder of gold bullion.
This is bullish for gold! Central banks like those of Russia and China will increase their store of gold to shore up their accounts and hedge against inflation. China has already expressed their interest in purchasing more gold, and Chinese bankers have even been quoted that they will “buy gold during any dips in price.” Look for a long post soon on China’s hunger for gold and what this means for your investment future.
