From today's Gartman letter (7-8)

"Finally, regarding gold we are told, but we cannot confirm (and we are hoping that one or two or more of our clients around the world shall be able to confirm or deny this report), that the Obama Administration has given its approval, and Congress has agreed, to allow the sale of gold the IMF holds. More properly, Congress has agreed that the US will vote in favour of allowing IMF gold sales, and this is important given that the US holds just a bit less than 17% of the IMF gold reserves and under the IMF’s own rules any vote to sell its gold reserves required 85% agreement on the part of all of the “gold” held. Heretofore, the US has effectively vetoed any IMF gold sales by not allowing its nearly 17% to vote in favour of such actions.

As we understand it, any gold sales done will be within the Central Bank Gold Agreement, which limits annual gold sales to 400 tonnes. At first blush this would tend to mitigate the bearishness of the “news,” however, we must remember that the current Gold Agreement ends at the end of September and thus far there’s been no movement to extend that Agreement for yet another year. In the past, this Agreement has always been extended by now, and so we are left to wonder if this shall be the last year. If the Agreement does end this September, will IMF gold sales therefore become larger and more aggressive after September 30th? We simply do not know, but the gold bulls cannot be feeling all that comfortable this morning.

Please do remember we cannot confirm this report and as we write we are obviously hoping that this is not true and that this is merely rumour and nothing more and so we shall not act upon this in any fashion and would not suggest that our clients/readers/friends do either.
Just be careful out there!"