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Wednesday, 5 November 2008

Crime of the week: well crime of the week several years ago


Lord Glentoran asked Her Majesty’s Government:

How many tonnes of gold have been sold from United Kingdom reserves since 1 May 1997; how much revenue was received from the sale of those gold reserves; and what the gold would be worth at current prices.

Lord Davies of Oldham: My Lords, in view of the volatility of gold prices, 395 tonnes of gold were sold from the reserves as part of a restructuring programme to reduce the risk exposure of the official holdings portfolio between July 1999 and March 2002. The total proceeds were around $3.5 billion, equivalent to £1.9 billion. On 3 November, the current market value of the gold sold was around $9.3 billion, equivalent to £5.7 billion.


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