Jim Rogers Says IMF Will Attempt To Sell Gold - Drive Price to $700
INTERNATIONAL. Legendary global investor and chairman of Singapore- based Rogers Holdings, Jim Rogers said he is concerned some institutional gold reserves may be sold, affecting prices in the short term.
In an interview with Bloomberg radio, Rogers said: “I own some gold, but I am not buying at the moment because the IMF, which is one of the largest owners of gold in the world, is desperate to sell its gold.”
“I’m not selling my gold,” Rogers said.
The IMF “is trying to get permission from everybody,” Rogers added.
“If and when they sell their gold, they may set a bottom. Who knows? It may go down to US$700. They got a lot of gold to sell. If it does, I hope I’m brave enough and smart enough to buy more.”
In an earlier interview Rogers said whether the IMF sells gold or not, the world is expecting them to sell it.
G20 leaders agreed earlier this month that the International Monetary Fund (IMF) should sell gold from its reserve to help stimulate the world economy.
"Additional resources from agreed sales of IMF gold will be used, together with the surplus income, to provide US$6 billion additional concessional and flexible finance for the poorest countries over the next two to three years," a G20 statement said.
The IMF’s board approved a proposal in April 2008 to sell 403.3 metric tons of bullion as part of a plan to close the Washington-based lender’s annual deficit.
David in Qatar