How about those IMFgold sales

I reported a while back about some possible sales by the IMF of its gold sales due to budget shortfalls.

Julian Phillips from www.goldforecaster.com reports:

More support now exists for the International Monetary Fund to sell part of its gold reserves to meet its future financing requirements, U.K. Chancellor of the Exchequer Gordon Brown said. "What I found encouraging today was that there are countries which previously had not been prepared to consider gold sales but were prepared to do so now," Brown said, adding there was "no doubt" that gold sales were potentially part of the I.M.F.'s likely future financing. Brown said that an independent report into future IMF financing had recommended that any gold sales should take place in a "measured way."
IMF Managing Director Rodrigo Rato said the more efficient use of existing Fund resources would form part of a package of proposals on future financing it is now preparing. But Rato said that any gold sales would be limited to around one-eighth of the Fund's total gold resources. "I have to say that some of the gold-producing countries have expressed that this is a way (of future financing) that could be seen as constructive, but nobody has yet given a final position," Rato said.
According to the IMF's Web site, the Fund holds 103.4 million ounces (3,217 metric tons) of gold, valued on its balance sheet at a historical cost of about $8.8 billion. The I.M.F.'s holdings were valued at $68.4 billion at market prices at the end of March.

First off, the IMF is a joke. It's made up of a bunch of clowns with personal agendas that involve their own bank accounts. There idea of creating economic stability by lending and implementing modern macroeconomic theories usually ends up ineffective. Now Paul Wolfowitz in about to get fired for giving his girlfriend, who worked under him, a nice raise and fancy new position. This is the man that the world puts there trust in when there are pressing economic issues. Give me a break.

Is this bearish for gold if the IMF sells of nearly 13 million ounces of gold. Maybe, but I don't think so. I think countries such as China, Russia, and other OPEC nations would love this. I believe they would just gobble up this gold sale. The might have a very short term impact, but I believe this is completely trivial.