http://news.bbc.co.uk/2/hi/business/7335749.stm
Sell quickly and buy when they flood the market?
The IMF has sold gold before and to my knowledge, it had no effect on the price of gold. If anything, it triggered more buying interest. And news of the possible sell hasn't really affected the price yet.
The US Congress would have to agree to this. Congress has declined similar requests in the past.
It is fascinating that the IMF wants to do this for reasons having nothing to do with any sort of world economic policy. They just need the money. Over the years the IMF has mistreated its borrowers so badly that now no one wants to borrow from them and they aren't earning any income. It's all very Hoppean - the government entity trying to charge more for doing less.