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Lush Gold Supply From IMF Sell-Off
April 08, 2008

IMF Sell-Off Spurs Morning Consolidation

Spot gold prices are down this morning in the wake of the International Monetary Funds announcement that it will sell approximately 14.2 million ounces of gold to settle its books and add stability to its long term financial picture. If this sale does happen, that's a big influx to the gold supply, so traders are exercising caution in consolidating their holdings and taking some profits.

The markets recent volatility has some fund operators hesitating also. The general rush to establish funds based on commodities has cooled as metals and other commonly traded commodities have run into this spotty patch.

In the case of the IMF gold sale however, remember that this is only the agencies proposal. Any such sale would have to be approved by member nations of which their are 185, so this gold sell-off has some hurdles to jump before realization.

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About the Author
Tom Michael has been Krause Publications primary market analyst on more than 80 world and United States coin catalogs produced over the last 20 years. He came to KP in 1987 with a bachelor of arts degree in history, a master of arts degree in economics and a history of coin collecting stretching back to the 1960s. He began collecting world coins as a child by asking friends and relatives to bring coins back from overseas trips, visiting flea markets and having his mother watch for foreign coins in her register at the local grocery store. Today he works with a dedicated base of over 200 contributors to provide accurate market values for the five-volume Standard Catalog of World Coins series, as well as many specialty catalogs, including Coins & Currency of the Middle East and the fifth edition of Unusual World Coins.

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