This was referenced by bill in last night's Midas. It is about the gold "owned" by the IMF and the idea that it is double booked as both national reserves and IMF gold.

"But the problem comes down to its other articles of incorporation, which state that the IMF can't loan its gold.However, if instead of calling the gold its own, it holds gold "under earmark for members" then the members can simply loan out the gold... as well as call the gold their own."

Sure, I'm not a lawyer and may be misinterpreting this deliberately ambiguous phrase, but it's what is actually going down.

The US gold reserves, for example, include the gold it has paid into the IMF and which the IMF holds "under earmark for members".

http://theostrichhead.typepad.com/index/2010/04/imf-gold-holdings-why-mine-the-stuff-when-your-accountants-can-create-it.html