International Monetary Fund Told to Sell Gold

An esteemed group of eminent persons, including former Fed Chairman Alan Greenspan and current President of the European Central Bank Claude Trichet, has recommended that the International Monetary Fund (IMF) sell up to 400 tonnes of gold as means to finance ongoing costs.

In a report submitted to the IMF Executive Board today, a Committee of Eminent Persons concluded that the IMF's current income model, which relies heavily on the interest it earns from loans to member nations, is “no longer appropriate.”