IMF to sell 403 tons of gold

G20 supports IMF plan to raise funds by selling 403 tons of gold - MarketWatch:

G20 supports IMF's plan to sell 403 tons of gold
Endorsement signals plan likely to be approved by member countries this year

NEW YORK (MarketWatch) - Leaders from the Group of 20 nations Thursday endorsed the International Monetary Fund's plan to sell 403 tons of gold to raise funds to support the world's poorest countries.

Hussein Allidina, an analyst at Morgan Stanley, said in a note Thursday that he expects the IMF to implement the sales over the next few years, "but do not believe that this presents a strong negative risk to gold prices - as it will be 'orderly' and maybe even off market."

According to the IMF's plan, the gold selling will be implemented in coordination with major central banks to minimize the impact on the market.

China, with less than 1% of its $2 trillion reserves held in gold, has expressed interest in buying more gold, crude oil, and other strategic commodities.