Daily Stock Setups

1st LD: IMF sells 200 tons of gold to India

Posted on: Mon, 02 Nov 2009 18:05:00 EST

Symbols: BKIAF

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WASHINGTON, Nov 02, 2009 (Xinhua via COMTEX) --
BKIAF | Quote | Chart | News | PowerRating -- The International Monetary Fund
announced on Monday the sale of 200 tons of gold to India's
central bank, almost half the total sales volume of 403.3 tons
that was approved by the Executive Board in September.

"I strongly welcome this transaction with the Reserve Bank of
India," Managing Director Dominique Strauss-Kahn said in a
statement. "This transaction is an important step toward achieving
the objectives of the IMF's limited gold sales program, which are
to help put the Fund's finances on a sound long-term footing and
enable us to step up much-needed concessional lending to the
poorest countries."

The transaction, which is in the process of being settled,
involved daily sales that were phased over a two week period
during October 19-30, 2009, with each daily sale conducted at a
price set on the basis of market prices prevailing that day.

The total sales proceeds are equivalent to 6.7 billion dollars
or SDR 4.2 billion.

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