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The UK government's intention to sell gold and reinvest the proceeds in foreign currency deposits, including euros, was announced on 7 May 1999, when the price of gold stood at US$282.40 per ounce [9] (cf. the price in 1980: $850/oz [10]) The official stated reason for this sale was to diversify the assets of the UK's reserves away from gold, which was deemed to be too volatile.
The first series of sales amounting to 125 tonnes took place in the year 2000 across five auctions with each selling 25 tonnes. [4] By the end of 2002, UK gold reserves dropped to 355.25 tonnes while at the same time the value of gold increased dramatically leading to an estimated loss of £2,000,000,000 from the gold sold. [5]
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Still, the precious metal is up about 27% year to date, beating the S&P 500's gain of 23% over the same period as central banks have boosted their gold reserves.
Official U.S. gold reserve since 1900 Changes in Central Bank Gold Reserves by Country 1993–2014 Central 2005 and 2014. A gold reserve is the gold held by a national central bank, intended mainly as a guarantee to redeem promises to pay depositors, note holders (e.g. paper money), or trading peers, during the eras of the gold standard, and also as a store of value, or to support the value of ...
Gold’s roughly 8% month-to-date rally has room to grow with the precious metal poised to hit $2,300 an ounce by year-end, according to Goldman Sachs analysts. On Monday futures gained to trade ...
World's gold from 1845 to 2013, in tonnes (metric tons in the U.S.) World's gold holdings per capita, in grams Gold holdings are the quantities of gold held by individuals, private corporations, or public entities as a store of value, an investment vehicle, or perceived as protection against hyperinflation and against financial and/or political upheavals.
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