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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.
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 ] Gold reserves
Between 1999 and 2002 Brown sold 60% of the UK's gold reserves shortly before gold entered a protracted bull market, since nicknamed by dealers as the Brown Bottom or Brown's Bottom. [69] [70] [71] The official reason for selling the gold reserves was to reduce the portfolio risk of the UK's reserves by diversifying away from gold. [72]
The UK eventually sold about 395 tons of gold over 17 auctions from July 1999 to March 2002, at an average price of about US$275 per ounce, raising approximately US$3,500,000,000. [31] By 2011, that quantity of gold would be worth over $19,000,000,000. He pressured the IMF to do the same, [32] but it resisted.
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 ...
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1999–2002 sale of United Kingdom gold reserves; Sharps Pixley This page was last edited on 18 July 2023, at 18:40 (UTC). Text is ...
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