The IMF is going to sell 191.3 tonnes of gold:
Spot gold XAU= dropped about 1 percent on Thursday after the International Monetary Fund (IMF) said it would sell its remaining gold reserves, but settled in a narrow trading band as the market absorbed the news.
The IMF announced it would begin phased open-market sales of the remaining 191.3 tonnes of gold under a program launched last year to raise new resources for lending. [nN17152668]
Gold was already losing ground early on Thursday and was quoted at $1,114.00 an ounce prior to the IMF statement, which quickly erased a further $8.25 off bullion.
"This wasn't totally unexpected given what the IMF has been saying, but it was still enough to give the market a rattle," a gold dealer in Sydney said.
Spot gold was quoted at $1,108.10 an ounce at 2219 GMT.
Markets immediately reacted and just when it was disclosed Gold "the ultimate bubble" Soros doubled his ETF SPDR purchase.
I post this for I know we have many gold bugs, most expecting it to increase soon and also the last IMF announcement of selling gold didn't seem to affect the price much, not this time.
Be careful on yer play gold bugs, there is also dollar safe haven with the Euro bouncing around and those playing dollar shorts in conjunction with gold.