IMF backs gold

US - A senior IMF official has made a statement about gold that in the view of experts is the first of any significance made since the Board's discussion of this subject in 1995.

This came in a letter on 3 May to "Drop the Debt" by Thomas Dawson, Director of the External Relations Department. The letter contained the following passage:

"The IMF's gold reserves are a fundamental strength in its financial position, giving it increased credibility and the capacity to assist its broader membership

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