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After years of selling it, IMF plans to buy $2 billion in gold
From Commodity Online
Monday, May 14, 2012
NEW YORK -- The International Monetary Fund is planning to purchase more than $2 billion worth of gold on account of rising global risks. The IMF currently holds around 2,800 tonnes of gold at various depositories
"The Fund is facing increased credit risk in light of a surge in program lending in the context of the global crisis. While the Fund has a multi-layered framework for managing credit risks, including the strength of its lending policies and its preferred creditor status, there is a need to increase the Fund's reserves in order to help mitigate the elevated credit risks," Bloomberg quotes a report by an IMF staff while also adding that a $2.3 billion gold purchase is in the planning.
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The IMF's borrowers include Eurozone countries like Greece and Portugal. Greece is IMF's biggest borrower and the nation is currently caught in a political deadlock that seems bent on denying itself the much needed bailout fund.
Countries like Spain are also officially in recession after first-quarter GDP contracted. Other nations in the Eurozone region are also showing increased signs of slow manufacturing activity and economic growth.
In such a risky financial environment, the IMF's move could be considered wise and can be seen as an indication of how much trust the mainstream financial community now has on precious metals like gold.
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