the over-hanging threat of the large IMF supply was one of the main bearish arguments about gold … it now appears to be evaporating. what does poor Bangladesh know?
The International Monetary Fund, which set out a year ago to sell about 13 percent of its gold reserves, said today that the central bank of Bangladesh bought 10 metric tons of the precious metal for about $403 million. The transaction brings the total of IMF gold sales to central banks to 222 tons. Last year India acquired 200 tons of the precious metal, with Sri Lanka buying 10 tons and Mauritius purchasing 2 tons.