The IMF holds a relatively large amount of gold among its assets, not only for reasons of financial soundness, but also to meet unforeseen contingencies. The IMF holds 103.4 million ounces (3,217 metric tons) of gold, worth about $83 billion as of end-August 2009, making it the third-largest official holder of gold in the world.

The IMF's Articles of Agreement strictly limit the use of the gold. But in some circumstances, the IMF may sell gold or accept gold as payment from member countries.

Gold played a central role in the international economic system after World War II. The countries that joined the IMF between 1945 and 1971 agreed to keep their exchange rates pegged in terms of the dollar and, in the case of the United States, the value of the dollar in terms of gold. This "par value system" ceased to work after 1971.

Until the late 1970s, 25 percent of member countries' initial quota subscriptions and subsequent quota increases had to be paid for with gold. Payment of charges and repayments to the IMF by its members constituted other sources of gold. Through various transactions, the IMF acquired 12.97 million ounces (403.3 tons) of gold.

Today, the IMF is considering selling some of the gold it has acquired over time as its finances have become unsustainable following a large decline in outstanding credit in recent years. A limited sale of gold was recommended by the Committee of Eminent Persons chaired by Andrew Crockett (the Crockett Committee) as a means to develop a new income model that relies on more diverse sources of revenue (for more on this topic, go to the section on income model reform).

The proceeds from gold sales would not have to be returned to member countries. Instead, profits from any gold sales should be retained and could be invested in an income-generating fund to supplement IMF income. A proposal made by the Group of Twenty industrialized and emerging market economies calls for using additional resources from agreed sales of IMF gold to provide $6 billion in additional financing for poor countries, in a manner consistent with the IMF's new income model, over the next 2 to 3 years.

The selling of gold by the IMF is rare as it requires an Executive Board decision with an 85 percent majority of the total voting power. The last time gold was sold by the institution was through off-market transactions completed in April 2001, with 12.9 million ounces traded. This transaction was approved by the membership as a means to finance the IMF's participation in the Heavily Indebted Poor Countries Initiative and the continuation of the Poverty Reduction and Growth Facility.