I do not know how much stock MMTC has accumulated in stoc. The Gold prices are going downwards day by day. God forbid if Cyprus central banks dump the gold in the market what is going to happen. Decision to buy & sell is based on commercial basis & not emotional. Any thing is auspicious when you make money & not when you loose.
The intention of the MMTC in selling gold is not clear as to whether it is for earning profit or for disposing of the gold kept imported. Since gold imports cause huge trade deficit, it should be curbed to the extent possible and selling should not be encouraged by MMTC. If it is for business and with a view to earn profit, the case is different.