India's acquisition of gold, in November 2009, from the International Monetary Fund was seen with some national pride, as a reversal of the early 1990s decision to mortgage gold. But the IMF's decision to sell gold, and particularly its decision to sell 200 tonnes to India, must be understood in the larger global context of the need to maintain a stable price for gold, to not upset its value vis-a-vis the dollar and to supplement resources for the Washington-based multilateral financial organisation.