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IMF going to sell of gold, will China buy it?

Today the IMF announced that it will sell off one-eighth of the agency’s gold reserves, without disrupting the gold market. Both this report and a sharp rise of the US dollar made gold drop below the $ 1000 mark again. The price picked up again after it became clear that China is considering  to buy it!

What really amazed me was the fact that the gold price did not drop below the $ 950 mark after the first report. 403 Tons of gold is a hell of a lot of gold! The news that China jumped in within hours did not surprise me at all. The Chinese really want to get rid of their soon to be worthless dollars don’t they?

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China buying

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