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Gold firms oppose IMF gold sale plan

Reuters, Johannesburg
The world's biggest gold firms are banding together against proposals to sell gold from International Monetary Fund stockpiles, fearing tumbling gold prices.
"Already the gold price has fallen $10 an ounce as a result of their announcement that they might be looking at it," said an official from industry body the Chamber Mines in South Africa, the world's top ranking gold producing nation.
On Thursday, the world's leading gold miner, US Newmont Mining Corp. said it would lobby US officials against the sale of IMF gold reserves to fund debt relief for the world's poorest countries.
Mining companies argue that sales of some of the IMF's 103 million ounces of gold reserves would hurt developing countries that depend on export revenue.
South Africa's Harmony Gold HARJ.J urged officials to take a quick decision on IMF gold reserves, the third biggest in the
world, since uncertainty was hitting prices.
Gold slid to four-month lows of $410.50 an ounce this week on worries about IMF sales, although spot gold XAU had recovered to $418.45/419.20 an ounce by 1454 GMT on Friday.
"The gold market cannot suddenly handle the quantum of gold that we're talking about here," Roger Baxter, the South African Chamber's chief economist, told Reuters.
The World Gold Council, which groups global gold producers, said it would have to wait for specific proposals from the IMF conference in April to assess possible effects, but was worried.
"We are very concerned at the effect these undefined proposals have already had on the gold market, especially when bearing in mind that gold exports are a substantial source of revenue to a number of developing countries, including some of the poorest," the group said.
Opposition to the proposal also came from a dozen US lawmakers, mostly from mining states, who told Treasury Secretary John Snow to oppose sales of IMF gold, a letter obtained by Reuters showed on Thursday.
Finance chiefs of the rich Group of Seven nations asked IMF Managing Director Rodrigo Rato last weekend to report by April on proposals for using IMF gold reserves to write off debts owed by the fund's poorest borrowers.
The South African Chamber of Mines, whose members include the world's second largest gold producer AngloGold Ashanti ANGJ. J and fourth ranking Gold Fields (GFIJ.J), has not issued a formal policy on the issue, but was due to plot strategy next week, Baxter said.
The body would likely take a stance similar to one six years ago when a similar IMF plan was floated, he added. Opposition from gold producers and governments such as South Africa was instrumental in sinking the previous proposal.