IMF hints at U-turn on gold sales
Tuesday 10 August 1999
Stanley Fischer, IMF deputy managing director, said he was looking at ways to avoid the sale, but added: "We don't want to rule it out until we have an alternative solution." He was speaking during a visit to South Africa where 100,000 jobs are under threat from the falling gold price. Opponents of the plan, including many of the 36 gold-producing countries, hope to persuade Congress in Washington to use the US's 17 per cent of the IMF's vote to block it. Gold rose by almost $1 yesterday, closing in London at $256.90 an ounce, up from $255.80 on Friday.
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