Update on IMF gold sales.

The IMF announced that is has sold 200 metric tons of gold to the Reserve Bank of India. 200 metric tons works out to be approximately 7054792.389 ounces of gold. This equivocates to about $7,407,532,008.45 dollars in U.S. currency at the current gold spot of about $1050.00 dollars per ounce. Here is the article:

http://www.imf.org/external/np/sec/pr/2009/pr09381.htm

Boosting reserves in other than U.S. dollars is an interesting move in the global currency scheme IMHO. The dog will keep a close eye on this.

Tell us what you think...............................