IMF Gold Holdings
As of June 2009, the International Monetary Fund held 3,217 tonnes (103.4 million troy ounces) of gold, which had been constant for several years. In the third quarter of 2009, the IMF announced that it will sell one eighth of its holdings, a maximum of 403.3 tonnes, based on a new income model agreed upon in April 2008, and subsequently announced the sale of 200 tonnes to India, 10 tonnes to Sri Lanka, a further 10 tonnes of gold were also sold to Bangladesh Bank in September 2010 and 2 tonnes to the Bank of Mauritius. These gold sales were conducted in stages at prevailing market prices.
The IMF maintains an internal book value of its gold that is far below market value. In 2000, this book value was XDR 35, or about US$47 per troy ounce. An attempt to revalue the gold reserve to today's value has met resistance for different reasons. For example, Canada is against the idea of revaluing the reserve, as it may be a prelude to selling the gold on the open market and therefore depressing gold prices.
Read more about this topic: Gold Reserve
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—Hilda Doolittle (1886–1961)
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—Ralph Waldo Emerson (1803–1882)