US Congress Uses GOLDPRICE.ORG Gold Price to Value the IMF GOLD at $68.7 Billion
When the US Congress was advised to sell the IMF Gold, they used the website goldprice.org to locate the current gold price and determine the value of the 103.6 million ounces of gold held by the International Monetary Fund.
(PRWEB) March 14, 2008 -- When the US Congress was advised to sell the IMF Gold, they used the website goldprice.org to locate the current gold price and determine the value of the 103.6 million ounces of gold held by the International Monetary Fund.
As shown on page 4 of the document, "International Monetary Fund (IMF): Financial Reform and the Possible Sale of IMF Gold", produced by the Congress Research Service for the US Congress and Committees of Congress, the IMF Gold was valued at $68.7 Billion on the July 31, 2007. This was based on a gold price on that day of $664.15 per ounce which was provided by goldprice.org
"IMF GOLD. The IMF holds 103.4 Million ounces of gold in reserves, valued at $68.7 billion at current market prices.*
*The price of gold on July 31, 2007 was $664.15 per ounce. See http://goldprice.org "
Source: CRS Report for Congress, "International Monetary Fund (IMF): Financial Reform and the Possible Sale of IMF Gold", September 21, 2007. By Martin A Weiss and Jonathan E. Sanford. Foreign Affairs, Defence and Trade. fpc.state.gov/documents/organization/93480.pdf
Gold Price Hits $1000
On March 13, 2008, the gold price hit $1000 USD per ounce giving the IMF Gold a value of $103.4 Billion US Dollars. The IMF Golds' value in US Dollars has increased $34.7 Billion or by 50% over a period of 8 months.
About GOLD PRICE .ORG
goldprice.org provides spot gold prices in ounces, grams and kilos in 23 national currencies and is visited by millions of gold investors from around the world, who use the website to check gold prices daily.
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