<TABLE border=0 cellSpacing=0 cellPadding=0 width=452><TBODY><TR><TD vAlign=top width=452 colSpan=2>Published September 22, 2009
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>China mulls buying gold from IMF: MNI report
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</TD><TD>Feedback</TD></TR></TBODY></TABLE>(BEIJING) China is considering buying gold being offered for sale by the International Monetary Fund, Market News International said yesterday, citing two unnamed government sources, but the report could not immediately be confirmed.
'China will consider buying if the price is right and the return is relatively high,' MNI quoted one of the government sources as saying.
Gold, which had dipped just below US$1,000 an ounce, rebounded to US$1,003.45 after the report. That would put the market value of the 403.3 tonnes on offer from the IMF at close to US$13 billion. 'There was a small reaction to the news that China may discuss its gold plans at the G20, it recovered a little, but overall the market isn't overly concerned, not yet anyway,' an Europe-based trader said.
China, the world's biggest producer and buyer of gold, revealed earlier this year that it had lifted its own stocks of gold to 1,054 tonnes from 400 tonnes when it last reported its holdings in 2003. The IMF formally endorsed a plan on Friday to sell 403.3 tonnes of gold, one eighth of its holdings, to central banks or in the gold market.
Two Chinese central bank officials not directly involved told Reuters that China should consider buying the gold, but only at a big discount.
'China only has about 1,000 tonnes of gold reserves and the investments in other assets are performing not very well,' said one official. -- Reuters<SCRIPT language=javascript> <!-- // Check for Mac. var strAgent; var blnMac; strAgent = navigator.userAgent; strAgent.indexOf('Mac') > 0 ? blnMac = true:blnMac = false; if (blnMac == true) { document.write('
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</TD></TR><TR><TD vAlign=top width=452 colSpan=2>China mulls buying gold from IMF: MNI report
<TABLE class=storyLinks border=0 cellSpacing=4 cellPadding=1 width=136 align=right><TBODY><TR class=font10><TD width=20 align=right>
</TD><TD>Email this article</TD></TR><TR class=font10><TD width=20 align=right>
</TD><TD>Print article </TD></TR><TR class=font10><TD width=20 align=right>
</TD><TD>Feedback</TD></TR></TBODY></TABLE>(BEIJING) China is considering buying gold being offered for sale by the International Monetary Fund, Market News International said yesterday, citing two unnamed government sources, but the report could not immediately be confirmed. 'China will consider buying if the price is right and the return is relatively high,' MNI quoted one of the government sources as saying.
Gold, which had dipped just below US$1,000 an ounce, rebounded to US$1,003.45 after the report. That would put the market value of the 403.3 tonnes on offer from the IMF at close to US$13 billion. 'There was a small reaction to the news that China may discuss its gold plans at the G20, it recovered a little, but overall the market isn't overly concerned, not yet anyway,' an Europe-based trader said.
China, the world's biggest producer and buyer of gold, revealed earlier this year that it had lifted its own stocks of gold to 1,054 tonnes from 400 tonnes when it last reported its holdings in 2003. The IMF formally endorsed a plan on Friday to sell 403.3 tonnes of gold, one eighth of its holdings, to central banks or in the gold market.
Two Chinese central bank officials not directly involved told Reuters that China should consider buying the gold, but only at a big discount.
'China only has about 1,000 tonnes of gold reserves and the investments in other assets are performing not very well,' said one official. -- Reuters<SCRIPT language=javascript> <!-- // Check for Mac. var strAgent; var blnMac; strAgent = navigator.userAgent; strAgent.indexOf('Mac') > 0 ? blnMac = true:blnMac = false; if (blnMac == true) { document.write('
'); } //--> </SCRIPT>
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